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Rosemary Berkery Returns to UBS in New Policy Role

UBS executive Rosemary Berkery has returned to the Swiss company's U.S. operations after a medical leave.

Two of her key titles — chairman of UBS Bank USA and vice chairman of its wealth management group in the Americas — remain the same, but her duties will take on more of a policy and strategy bent, according to a company memo shared with American Banker on Monday.

She returned Feb. 8 from an eight-month leave of absence, said the memo from Tom Naratil, president of the wealth management group for the Americas. Berkery will advise on policies and lead board oversight of the U.S. bank's strategy related to local, state and federal government issues. She will also advise Naratil and his executive committee on regulatory issues, board relationships and client issues, the memo said.

Michael Blum, who filled in for Berkery during her leave, will head UBS Bank USA, a position previously held by Berkery. His titles are senior vice chairman of the U.S. bank and head of the wealth management Americas banking group.

Berkery and Blum report to Naratil, the memo said.

Since Berkery joined the $50 billion-asset U.S. bank in 2010, it has focused on marketing banking services — small-business loans, mortgages, cash management and cards, among other things — to its existing wealth management clients, rather than new customers.

In 2014 she was named one of American Banker's 25 Women to Watch. She was credited with helping to expand UBS' mortgage portfolio by more than 75% and its deposits by 48% from 2010 to 2013.

Before joining UBS, Berkery worked at Merrill Lynch from 1983 to 2008, holding a variety of roles including general counsel and vice chairman.

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