UBS chief risk officer quits to become professional photographer

UBS’s chief risk officer Christian Bluhm has resigned from the Swiss bank to become a full-time professional photographer.

The unusual career change, announced on Tuesday, will lead to Bluhm opening a studio and gallery in Zurich’s historic centre, a short distance from UBS’s headquarters, as he swaps capital ratios for aspect ratios.

A mathematician by training, the 53-year-old German will leave the bank in May to focus on his business and other academic opportunities.

He has already launched a website, featuring cityscapes, nature photography, and wedding and beauty shots.

On his website, he said his love of photography blossomed after a friend showed him how to take a clear photo of the Big Dipper star constellation in the night sky.

“That experience fascinated me so much that I started a never-ending journey into professional photography,” Bluhm wrote.

Bluhm is following in the footsteps of Matthew Greenburgh, the former Bank of America Merrill Lynch dealmaker and adviser on the RBS-ABN Amro and Lloyds Bank-HBOS takeovers, who quit banking in 2010 aged 49 to pursue a career in photography.

Christine Novakovic, UBS’s Europe chief executive, spent two years as an art dealer before joining the Swiss lender in 2007.

UBS chief executive Ralph Hamers said he wished Bluhm the best for the future.

“I’d also like to personally thank Christian for his leadership and commitment over the last six years and for the significant contributions he and his team have made to our sustainable performance through active risk management.”  

Bluhm has been chief risk officer of UBS since 2016, during which time the bank has avoided being entangled in many of the scandals that have hit its Swiss rival Credit Suisse.

UBS did, however, suffer an $861mn loss on the collapse of family office Archegos Capital last year, but that was overshadowed by Credit Suisse’s $5.5bn loss. Both banks had offered prime broking services to the investment business run by former Tiger Management analyst Bill Hwang.

Hamers has set about reshaping his executive team over the past two years, bringing in a new chief financial officer, a new head of the Americas and giving more power to the head of wealth management, Iqbal Khan.

The new chief risk officer will be Damian Vogel, who at present manages risk in the bank’s wealth management business.

“With his strong track record, in-depth risk expertise, and experience across all asset classes, Damian is ideally suited to lead our risk function into the future,” Hamers said.