Business & Investment

UBS Appoints JPMorgan Chase Executive Youngwood to Group CFO By Reuters

© Reuters. File Photo: The Swiss Bank UBS logo will be seen at its headquarters in Zurich, Switzerland, on February 17, 2021. REUTERS / Arnd Wiegmann / File Photo

John Revil

Zurich (Reuters)-Original from UBS JP Morgan Chase (NYSE :) The Bank of Switzerland said Wednesday that Group Chief Financial Officer Sarah Youngwood has appointed a rare female to be the top executive in the European banking industry.

According to Switzerland’s largest bank, Youngwood will take over the current CFO, Cart Gardner, when he resigns in May 2022.

The European Central Bank wants to see more diversity among bank boards and executives earlier this year after pointing out that only 8% of the chief executive officers of European credit investment institutions are women. Said.

The ECB’s board of corporate auditors said that only one-fifth of Europe’s largest bank management positions are occupied by women, with a new guide on who will be the right and right executives and board members. Discussions have started.

“Women are starting to grow in the European banking industry, but progress is still too slow,” Audit & Supervisory Board members Frank Elderson and Elizabeth McCall said in a blog post.

NatWest Group CEO and CFO Alison Rose and Katie Murray, and Group Executive Chairman Ana Patricia Banco Santander (MC :) is a rare example of a woman at the top of the company.

With the addition of Youngwood, the number increases to four, but only three members of UBS’s 12 board are women.

UBS CEO Ralph Hammers said he was excited about Youngwood joining the bank. She will join the board in March.

“With her strong track record, deep financial expertise, and experience across a variety of banking disciplines, Sarah is ideally suited to guide our financial function into the future.”

According to UBS, Youngwood, a joint citizen of France and the United States, has been the Chief Financial Officer of JPMorgan Chase’s Consumer & Community Banking business since 2016.

Since 2020, Youngwood’s role has included the key finances of JPMorgan Chase’s Global Technology Unit and its Diversity & Inclusion Team.

From 2012 to 2016, she was JPMorgan Chase’s Director of Investor Public Relations, prior to 14 years in various financial institution groups within JPMorgan’s investment banks in Paris, London and New York. ..

According to UBS, CFO Gardner, who has been in charge of finance since January 2016, will assist Youngwood during the two-month onboarding period prior to leaving UBS in May.

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UBS Appoints JPMorgan Chase Executive Youngwood to Group CFO By Reuters

https://www.investing.com/news/stock-market-news/ubs-says-sarah-youngwood-to-succeed-kirt-gardner-as-group-cfo-2695258 UBS Appoints JPMorgan Chase Executive Youngwood to Group CFO By Reuters

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