UBS hires Tom Wipf from Morgan Stanley for Credit Suisse partnership

UBS Group has recruited Tom Wipf, who currently holds the position of vice chairman at Morgan Stanley. Tom Wipf, who has spent nearly forty years at the bank, will be leaving to join UBS Group.

As per Bloomberg's report, Tom Wipf confirmed his departure and the move to UBS Group in a telephone interview. However, he refrained from providing details about his new position.

Based on information available on his LinkedIn profile, Tom Wipf began his tenure at Morgan Stanley in 1986. Prior to that, he held a position at Citi where he led the securities lending division.

Bloomberg reported that in recent times, Tom Wipf gained recognition for his leadership in addressing a significant challenge faced by Wall Street: the replacement of Libor. This initiative was prompted by declining liquidity and a fixing scandal, which led regulators to undertake a comprehensive overhaul of the benchmark rate.

When Tom Wipf assumed the role of chair of the Alternative Reference Rates Committee (ARRC) in 2019, the benchmark rate known as Libor still served as the foundation for trillions of dollars in debt. However, significant changes have taken place since then. As of June 30, Libor is set to officially cease to exist, with only a fraction of its former prominence remaining.

Additionally, Tom Wipf will be departing from his position in the ARRC. Recently, the committee named Peter Phelan, the chief administrative officer of the Institutional Client Group in North America at Citigroup, as the new ARRC chair, starting from July 1.

Amidst Credit Suisse Group AG's emergency takeover, UBS is grappling with the integration of its business. As part of the process, UBS is said to be considering significant workforce reductions, with plans to cut over half of Credit Suisse's employees.

Following the official closure of the takeover of its former rival, Credit Suisse AG, UBS made announcements regarding changes to the executive board. The details of these changes were outlined in an internal memo circulated within the organization.

Ulrich Koerner, Chief Executive of the newly acquired subsidiary Credit Suisse AG, stated in a written communication that Chief Financial Officer Dixit Joshi and General Counsel Markus Diethelm are among the executives who will be departing from the organization.

In an open letter, UBS announced the completion of the deal, marking the end of Credit Suisse's 167-year independent existence. This paves the way for UBS to initiate the intricate process of integrating the former rival, which is expected to result in significant job cuts affecting thousands of employees.