UBS Mulls Iqbal Khan as Sole Wealth Management Head
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The Swiss bank could be considering ending the co-management of its global wealth unit as it places its potential leader into position for the future.
UBS is currently evaluating whether to promote Iqbal Khan as the sole head of the global wealth management business.
The current co-head of the wealth management business, Tom Naratil, may keep his current role as head of the UBS business in the Americas, the news service said, citing people with knowledge of the matter.
The step could also serve to position Khan as current UBS chief executive Ralph Hamers’ successor, although no final decision has been made yet, it said.
Given that Hamers has only run UBS for two years, the management change is unlikely to be imminent, the report added. Khan came to UBS from Credit Suisse in 2019, where he ran that bank’s international wealth management business.
Naratil originally started working for PaineWebber in 1983, a US brokerage purchased by UBS in 2000. He was previously the UBS chief financial officer and chief operating officer in Zurich before returning to manage the US wealth business in 2016.
Questions & Answers
Q.What would Tom Naratil's role be if Iqbal Khan becomes the sole head of wealth management?
What would Tom Naratil's role be if Iqbal Khan becomes the sole head of wealth management?
If Iqbal Khan is promoted, Tom Naratil may continue in his current position as head of the UBS business in the Americas. This would mean he would no longer co-head the global wealth management unit.
Q.How long has Ralph Hamers been the CEO of UBS?
How long has Ralph Hamers been the CEO of UBS?
Ralph Hamers has been the chief executive of UBS for two years. Therefore, any major management changes, such as a CEO succession, are not expected to happen immediately.
Q.When did Iqbal Khan join UBS?
When did Iqbal Khan join UBS?
Iqbal Khan joined UBS in 2019. Prior to this, he was responsible for running the international wealth management business at Credit Suisse, his former employer.
Q.What was Tom Naratil's career path at UBS before returning to the US wealth business?
What was Tom Naratil's career path at UBS before returning to the US wealth business?
Tom Naratil started with PaineWebber in 1983, which UBS later acquired. He previously held significant roles as the chief financial officer and chief operating officer for UBS in Zurich before returning to manage the US wealth business in 2016.
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