UBS, which has been hit by several senior departures from its Moscow office over the past year, has now suffered a double blow to its Russian business after its chief executive departed and one of its top managing directors said he would step back from day-to-day duties.
Ed Nicholson is retiring as chief executive of UBSâs Russian and CIS business after 10 years with the bank, while Marlen Manassov, a Moscow-based managing director responsible for dealings with senior Russian politicians is stepping back from the business, the bank said in a statement.
