Chrysler’s new CEO, Sergio Marchionne, who also reigns over the company’s new Italian parent, Fiat, will be stepping down from the board of directors of Swiss bank UBS next year according to the financial institution.

According to the bank, Marchionne is stepping down to focus on his “demanding management positions” at Chrysler and Fiat, although positions at UBS have been seen as controversial due to the United States’ tax evasion probe of the bank.

Before Fiat entered into its controlling partnership with Chrysler, Marchionne had been considered a potential candidate to take over the stumbling bank, which has suffered over the last few years due to the subprime mortgage crisis.