Promotion at big bank
Iqbal Khan is expanding his power at UBS
At the big bank UBS, Iqbal Khan will be the sole head of the wealth management division. Tom Naratil, co-head of the major bank’s most important division, will resign from his duties at UBS at the beginning of October 2022 and will leave the group management.
Published: 06:48 am
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Updated: 8:23 a.m
In addition to co-leading the wealth management business, Naratil is also the head of America’s operations. Naureen Hassan has been appointed as his successor as President of UBS Americas and CEO of UBS Americas Holding, according to a UBS statement. She joins the major Swiss bank from the Federal Reserve Bank of New York and will have a seat on the UBS Executive Board.
Khan is the ideal choice to lead the global wealth management business. He will ensure seamless further implementation of UBS’s global growth strategy. In addition to his function as co-head of asset management, the 46-year-old Swiss is currently also responsible for the regions of Europe, the Middle East and Africa.
Khan switched from competitor Credit Suisse to UBS in 2019. At the time, the change had raised a lot of dust because of the “espionage affair”, which ultimately led to the resignation of the then Credit Suisse CEO Tidjane Thiam.
There had already been speculation in the media at the weekend regarding Khan’s promotion to sole head of asset management. According to media reports, Khan might be positioned as a possible successor to CEO Ralph Hamers. However, a successor to CEO Ralph Hamers does not appear to be imminent at the moment. The Dutchman has only been in office since autumn 2020.
(SDA)
