UBS foreign chair ticks more boxes than Deutsche’s

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Breakingviews - UBS foreign chair ticks more boxes than Deutsche’s

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Kelleher has the right résumé for the world’s largest wealth manager. He was pivotal in the Wall Street firm’s strategic swivel towards the business after the 2008 financial crisis. His last role involved getting private bankers and dealmakers to work together, a central task for UBS. Doing it better could narrow the $60 billion bank’s valuation gap with Morgan Stanley, which is valued at 2.4 times its forward tangible book value, more than double UBS’s multiple.

board since 2019, and insurers are major counterparties for fixed-income traders, one of the German group’s most important businesses. Deutsche’s retail bankers will also be pleased to learn that a key strategic push at Aegon was upgrading IT systems to make better use of customer data. Wynaendts was partly selected because of his M&A experience at Aegon, which bought and sold businesses during his tenure. He’ll face a steep learning curve in Frankfurt.- Deutsche Bank’s board on Nov. 19 nominated former Aegon Chief Executive Alexander Wynaendts as its next chair, replacing Paul Achleitner.

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