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UBS hires Morgan Stanley’s Tom Wipf to integrate Credit Suisse in the Americas

UBS Group AG has appointed Tom Wipf as one of the bankers who will lead the bank’s efforts to integrate Credit Suisse’s businesses in the Americas, according to Erica Chase, the company’s spokeswoman.

People walk in front of the UBS building in Manhattan on June 5, 2023 in New York City. Photo: Eduardo Munoz Alvarez, Getty Images

Wipf is leaving Morgan Stanley, where he has worked for almost four decades, to take up the role at UBS. He confirmed the move to reporters on Tuesday, without providing further details. 

According to his LinkedIn profile, Wipf joined Morgan Stanley in 1986 after a stint as the head of securities lending at Citi.

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Although he is well known in the industry, in recent years he has become more famous for leading Wall Street out of one of the most significant challenges over the past decade. 

This involved replacing Libor after a fixing scandal and declining liquidity led regulators to initiate the overhaul of the benchmark rate.

When Wipf took over as the chair of the Alternative Reference Rates Committee (ARRC) in 2019, that benchmark still undergirded trillions of dollars in assets.

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Today, there is little left of it, and Libor will officially expire on June 30.

Wipf is also stepping down from the ARRC, which last week appointed Peter Phelan, the chief administrative officer of Citigroup’s institutional client group in North America as the new ARRC chair effective from 1 July.

UBS is currently tackling the complex integration of its former competitor Credit Suisse, and has plans to cut more than 50% of the latter’s workforce.

To get in contact with feedback on this article please email us at publishing@krugmaninsights.com 

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