Former Libor Boss Quits Top UK Post At UBS
The head of UK operations at the Swiss banking giant UBS is quitting after just 18 months, leaving a vacancy at one of the most prominent jobs in the City.
Sky News has learnt Mark Yallop, who played a key role in the administration of the scandal-hit Libor benchmark, will leave his role as UBS's UK chief executive at the end of September.
His departure is scheduled to be announced internally later on Thursday, according to a person familiar with the situation.
Mr Yallop was appointed to the newly created role in February last year, shortly after UBS was fined almost £1bn for rigging interest rates by regulators in financial centres around the world.
Mr Yallop's principal responsibilities have been to rebuild UBS's relationships with City regulators in the wake of its Libor penalty as well as the rogue trading episode which saw Kweku Adoboli jailed last year after placing unauthorised trades which cost the bank $2.3bn.
He has also overseen the key initial phase of Project Mercury, UBS's initiative to make its UK business self-sufficient from a capital and regulatory perspective, insiders said.
UBS's Libor-rigging fine remains the largest imposed on any financial institution, and a number of its former employees remain under investigation in the UK and US.
The Swiss bank, which has endured a torrid time since the global financial crisis, admitted to two types of benchmark rate manipulation: traders who tried to move the Libor rate in order to profit from derivatives; and understating its reported borrowing rates during the banking crash to make the bank appear stronger than it was.
Mr Yallop served as chief operating officer for BBA Libor Ltd, the company which managed the interbank offered rate for the British Bankers' Association, between May 2010 and September 2011.
Since then, administration of the benchmark has been transferred to third parties following recommendations made by Martin Wheatley, the Financial Conduct Authority chief executive.
Before joining UBS, Mr Yallop was a key lieutenant of Michael Spencer, the former Conservative Party treasurer who runs ICAP, the interdealer broker.
ICAP has also been fined for its role in the Libor scandal.
He also spent a significant number of years at Deutsche Bank, and now sits on the board of the Centre for Social Justice, the think tank.
An insider said that Mr Yallop was leaving to pursue other business interests but it is unclear whether he is moving to another full-time role.
UBS, which has not yet decided on a successor to Mr Yallop, declined to comment.