The new chief executive of Barclays Bank has resigned from the board of UBS, a direct competitor of the U.K. bank. UBS didn't immediately name a candidate to replace the departed board member.
Jes Staley (pictured) has left the board of Switzerland's biggest bank with immediate effect, UBS said in a statement today. The resignation was expected after Barclays Bank named Staley chief executive also today.
Staley wanted to avoid a conflict of interest, UBS said. The new CEO of Barclays was member of the human resources and compensation committee as well as the risk committee of UBS.
No Replacement Ready
Staley had been member of the UBS board since May only. The U.S. citizen previously worked for J.P. Morgan in various leading positions, amongst them CEO of investment banking, CEO of asset management and head of private banking.
UBS said it will say at a later date whether and if so with whom it aims to replace Staley on its board.
