UBS CEO Hamers plays down bankers' titles to soften hierarchy

[ZURICH] UBS Group chief executive officer Ralph Hamers is de-emphasising bankers' titles of rank, as part of his effort to change the lender's hierarchical nature and push people to work in a more flexible manner.

Monikers such as managing director, director and associate have been hidden in the bank's internal directory, where they were once listed prominently below a person's name, people familiar with the changes said.

Instead, Hamers, in his second year running the bank, is encouraging the more than 70,000 employees at UBS to be known by their function, such as the head of a trading team or an investment specialist for wealthy clients, people familiar with the changes said.

The changes have no effect on renumeration, but move away from a well-established marker of status in the banking world.

Some rivals put out press releases highlighting annual promotions to the managing director rank. UBS already discontinued all corporate ranks above managing director as of Jan 1, which included titles such as group managing director, divisional vice-chairperson, and regional group chairperson.

"The adjustment is in line with our efforts to streamline decision-making, reduce hierarchy and enhance employee experience," UBS spokesman Serge Steiner said. "Focusing on roles and expertise will support our ongoing agile transformation."

Hamers has made the digitisation and streamlining of decision-making at the bank one of his signature initiatives since becoming CEO last year. He has asked his executives to simplify processes and the amount of paperwork needed, shorten the length of meetings including by making attendees stand up, and reduce the number of people invited to meetings, people familiar with the changes said. BLOOMBERG