Updated Saturday, October 25, 2014 as of 5:14 PM ET

UBS Names Former U.S. Senator Mitchell to Head Advisory Council

(Bloomberg) -- UBS AG, Switzerland’s biggest bank, named former U.S. Senator George Mitchell chairman of a new advisory council for the firm’s business in the Americas.

Bob McCann, UBS’s chief executive officer for the Americas, announced the appointment in an internal memo that was obtained today by Bloomberg News. Gregg Rosenberg, a spokesman for the Zurich-based bank, confirmed the contents of the memo.

Mitchell, a Democrat who represented Maine, was Senate majority leader from 1989 until he retired from Congress in 1995. He has since served as President Barack Obama’s point man for Israeli-Palestinian peace efforts and led Major League Baseball’s investigation into performance-enhancing drug use. He’s currently Pennsylvania State University’s athletics integrity monitor.

“In today’s complex business and regulatory environment, having an independent council will enable us to more effectively manage and grow our business,” McCann wrote in the memo.

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