UBS is integrating its group-wide infrastructure and service functions (IT, human resources, procurement, real estate and facility management) into its corporate centre and centralising the management of its control functions (finance, risk, legal and compliance).

Ulrich Körner will take the newly-created role of group chief operating officer and joins the group executive board with immediate effect. He will lead the corporate centre and serve on the group executive committee.

Mr Körner joins from Credit Suisse, where he has been since 1998; he has been a member of the executive management of the Credit Suisse group for the last five years. He held various positions, including chief financial officer and COO of Credit Suisse. Most recently, he was responsible for the entire Swiss client business as chief executive of the Switzerland region.

Walter Stuerzinger, currently chief operating officer of the corporate centre, will leave the group executive board to support the group COO with the development of group-wide measures to enhance profitability and cost efficiency.