Swiss banking group UBS has appointed Todd Tuckner as its new CFO for global wealth management and EMEA business.

Tuckner, the bank’s group controller and chief accounting officer, succeeds Markus Hubbel with immediate effect, Reuters said citing an internal memo.

However, Tuckner retains his group wide division as well as regional positions.

In the new position, he reports to four separate executives. He has moved from the US to assume the new responsibilities and now operates out of Zurich.

“(Tuckner’s) experience as a seasoned senior leader, change ambassador and controller, coupled with his familiarity with our business, ideally position Todd to support Iqbal, Tom and Sabine in driving profitable growth in GWM and across EMEA,” the memo stated.

The new appointment is one of the first by the Swiss bank after it unveiled plans to restructure its wealth management business last month.

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The restructure is the first significant move under global wealth management co-head Iqbal Khan who joined UBS last year from Credit Suisse. It is aimed at improving decision making.

The overhaul will result in the elimination of 500 jobs. Khan jointly heads the global wealth management business with Tom Naratil.

At the same time, UBS reportedly promoted Angus Graham as the deputy group controller.