Please register to access this content.
To continue viewing the content you love, please sign in or create a new account
Dismiss
This content is for our paying subscribers only

Business Banking & Insurance

UBS taps Morgan Stanley’s Tom Wipf to help lead Credit Suisse tie-up

Wipf first joined Morgan Stanley in 1986 after heading up securities lending at Citi



UBS is dealing with the complex integration of its former rival, and is reportedly planning to cut more than half of Credit Suisse’s workforce.
Image Credit: Bloomberg

Zurich: Tom Wipf, a vice chairman at Morgan Stanley, is departing after almost four decades to join UBS Group.

He will help lead the bank’s effort to integrate Credit Suisse’s operations in the Americas, according to company spokeswoman Erica Chase, after the emergency takeover of UBS’s Swiss rival. Wipf confirmed the move in an interview on Tuesday while declining to provide further details. A representative for Morgan Stanley declined to comment.

Read more

An industry stalwart, Wipf first joined Morgan Stanley in 1986 after heading up securities lending at Citi, according to his LinkedIn profile.

More recently, though, he’s become known for leading Wall Street through one of its biggest challenges of the last decade: replacing Libor, after waning underlying liquidity and a fixing scandal prompted regulators to initiate an overhaul.

Advertisement

In 2019, when Wipf took over as chair of the Alternative Reference Rates Committee - a transition-guiding body backed by the Federal Reserve - that benchmark still underpinned trillions of dollars of assets. Now, little remains. Libor will officially sunset on June 30.

Wipf is also leaving the ARRC. The committee last week appointed Peter Phelan, chief administrative officer of the Institutional Client Group in North America at Citigroup, as ARRC chair, effective July 1.

Advertisement