Following the Swiss bank UBS’s acquisition of Credit Suisse, the bank’s flagship global wealth management arm on Thursday announced a number of management changes.

Several former Credit Suisse managers have been hired as a result of the adjustments, which mostly take effect on July 17 and will affect 180 executives.

According to a person familiar with the situation, former Credit Suisse executive Michael Marr will lead UBS’ Global Wealth Management Australia division.

With this relocation, UBS’ wealth management division returns to Australia after a lengthy absence.

With Puneet Matta, another former Credit Suisse executive, chosen to head its wealth management unit there, Switzerland’s largest bank will return to India.

Rich Indians used to receive advice from a UBS relationship manager based in Dubai, London, or Singapore.

When Lisa Golia joins from Morgan Stanley in the coming months, she will become the chief operating officer for wealth management in the United States, which is another change.

The bank verified all of the actions.

The majority of the positions in the revamp of the third tier of management were filled by current UBS managers.

Iqbal Khan, the president of UBS Global Wealth Management, claimed in a document seen by the media that the selections had been made on the basis of “fairness and meritocracy.”

“UBS continued to carefully examine all options for Credit Suisse’s Swiss business,” Khan added in a memo.

The announcement made on Thursday comes after a slew of management changes that UBS made public last month when it officially completed the acquisition of its former rival. Sergio Ermotti, chief executive officer of UBS, also introduced the bank’s new executive committee in May.

The top bank in Switzerland has previously warned that significant job losses as a result of the takeover are to be anticipated.

UBS could lay off almost 30% of its total workforce, or more than 30,000 people, according to a person involved with the conversations who spoke to Reuters.

Another change announced on Thursday involves UBS acquiring Credit Suisse’s shipping finance division, which it will combine with its aircraft financing division.

Ruben Mangold will serve as the company’s CEO and fund the super-rich’s yachts as well as fleets of commercial ships.

(Adapted from SaltWire.com)

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