Major Swiss bank reportedly considering whether to name a sole head of global wealth management, ending current co-leadership of business.
UBS is currently evaluating whether to promote Iqbal Khan as the sole head of the global wealth management business, according to a «Bloomberg» (behind paywall) news service report published Sunday.
In the report, it indicated that 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.
It additionally indicated that the step would also potentially set him up to succeed current UBS chief executive Ralph Hamers, although no final decision has been made yet.
Change Unlikely to be Immediate
Bloomberg indicated that the management change may not be imminent given that Hamers has only run UBS for two years. 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.
