UBS retains risk chief to bolster controls for Credit Suisse deal

Switzerland’s UBS said on Monday it will retain Christian Bluhm as chief risk officer for the “foreseeable future” as it bolsters controls during the takeover of Credit Suisse.

Chief Executive Sergio Ermotti is reshaping the ranks of UBS (UBSG.S) as it works on integrating Credit Suisse (CSGN.S), the 167-year-old Swiss banking rival which it rescued in March.

UBS had said in November that Bluhm, who has been its risk chief since 2016, would step down to focus on his photography business. Damian Vogel, who currently overseas risk in its wealth management unit, was set to replace Bluhm in May.

Vogel has now been appointed to a newly-created role of group risk control head of integration, where he will oversee risk functions related to the Credit Suisse deal, UBS said.

“Having both senior risk leaders actively engaged will help ensure that we’re well prepared and appropriately set up in an area that is crucial for our future success,” Ermotti said.

Credit Suisse was mired in a string of scandals over the years, resulting in a Swiss-orchestrated takeover by UBS.

The larger bank, which has largely avoided the missteps of Credit Suisse, will publish its first-quarter result on Tuesday.

Credit Suisse said on Monday it suffered 61 billion Swiss francs ($68 billion) in net asset outflows in the first quarter.