Swiss banking giant UBS has elevated Damian Vogel to the role of group chief risk officer (CRO), effective May next year.

Vogel, who is currently the CRO for UBS’s Global Wealth Management (GWM) business, will succeed Christian Bluhm, who held the position since 2016.

Vogel will also become a member of the company’s Group Executive Board.

Vogel joined the Swiss wealth management giant in 2010 and has held many risk-related leadership positions across GWM and Personal & Corporate Banking, as well as for region Switzerland.

UBS group CEO Ralph Hamers said: “I’m delighted to welcome Damian Vogel to the UBS Group Executive Board as our new Group Chief Risk Officer. With his strong track record, in-depth risk expertise, and experience across all asset classes, Damian is ideally suited to lead our risk function into the future.”

Bluhm, according to UBS, has decided to leave to pursue opportunities in academia.

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“I’d also like to personally thank Christian for his leadership and commitment over the last six years and for the significant contributions he and his team have made to our sustainable performance through active risk management. I wish him all the best for the future,” Hamers added.

In a separate development, UBS has hired three private bankers from rival Credit Suisse to beef up its teams that caters to affluent Indian, Bloomberg has reported.

People familiar with the development told the publication Gautam Anand, a managing director, Akshay Menon and Gautam Bhargava will join UBS in Singapore at different times next year.