UBS tech chief to depart as bank focuses on AI

Core Insights - UBS is undergoing a leadership revamp as it integrates Credit Suisse, which it acquired in 2023, with the process expected to last throughout 2024 [3] Leadership Changes - UBS appointed Michelle Bereaux as group head of compliance and operational risk control and emphasized that Mike Dargan will focus more on AI and digital assets [4] - Daniele Magazzeni has been appointed as the first chief AI officer, effective January 1, 2026, overseeing AI tools deployment [5] AI and Technology Focus - UBS is rolling out AI across its operations, with approximately 340 live use cases across various business units, as stated by CEO Sergio Ermotti during the Q3 earnings call [5] - The bank is consolidating its IT estate, aiming for simplification and cost-cutting, having shut down 60% of legacy servers and processed around 40 petabytes of data [6] Executive Transitions - Mike Dargan will step down as group chief operations and technology officer at the end of December and will become CEO of digital bank N26 in April [8] - Beatriz Martin will take over as Group COO effective January 1, 2026, with Chris Gelvin serving as interim head of group technology [8]