March 29, 2024

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JPMorgan’s Youngwood Named CFO of UBS

Sarah Youngwood

Swiss financial institution UBS has named JPMorgan Chase veteran Sarah Youngwood as its future CFO, including a woman to its govt board as it seeks to boost diversity.

Youngwood will switch Kirt Gardner when he techniques down in Might 2022 to “pursue other chances,” UBS stated. She has labored at JPMorgan for 24 many years, most recently as finance chief for buyer and local community banking considering the fact that 2016.

According to Reuters, Youngwood’s shift to UBS is “a uncommon female appointment in the optimum echelons of European banking.” She will be a part of a few other women of all ages on the 12-member board.

“With her powerful observe history, in-depth finance expertise, and practical experience across different banking parts, Sarah is preferably suited to lead our finance purpose into the long term,” UBS Main Executive Ralph Hamers stated.

Hamers has stated that including gender and ethnic diversity at the financial institution is a precedence. Only eight% of the chief executives of European credit rating and financial commitment establishments are women of all ages and only one particular-fifth of the positions on management bodies of Europe’s largest banks are held by women of all ages, according to the European Central Bank.

Because 2020, Youngwood’s part has included leading finance for JP Morgan’s worldwide technological innovation unit, as very well as its diversity & inclusion crew. In Oct, Hamers stated UBS would start a electronic investing platform in the United States for customers with among $250,000 and $2 million in property, down-marketplace from its existing client base.

“Technology has become a crucial portion of [Hamers’s] options to rework the Swiss financial institution,” Money Information mentioned.

Youngwood, who has joint French-U.S. citizenship, joined JPMorgan in 1997 as an analyst, serving as head of investor relations prior to her advertising to CFO of buyer and local community banking.

Gardner joined UBS in 2013 and was named CFO and a member of the board in January 2016. According to The Wall Avenue Journal, he played “a crucial part in UBS’s revival of its fortunes from monetary-disaster basket circumstance to worldwide prosperity supervisor serving billionaires.”

“He was instrumental in taking care of and sustaining the firm’s powerful monetary situation and safeguarding client and investor have faith in by means of various marketplace environments,” Hamers stated.

JPMorgan Chase, Kirt Gardner, Ralph Hamers, Sarah Youngwood, UBS Bank