Breakingviews - UBS wealth chief gets audition for top job

📆 7/13/2022 5:15 PM
📰 Breakingviews

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Iqbal Khan’s promotion puts him on track for bigger things. UBS on Tuesday appointed the private banker sole head of its flagship global wealth management business. Khan, who joined UBS in 2019 from cross-town rival Credit Suisse , was already sharing the oversight of UBS’s $3.1 trillion division with veteran Tom Naratil, who is stepping down.

, was already sharing the oversight of UBS’s $3.1 trillion division with veteran Tom Naratil, who is stepping down.

Khan’s appointment looks like a leadership test. It puts the Swiss banker more firmly in control of the U.S. wealth business, whichof UBS global clients’ assets. The division, whose reliance on financial advisers bumps costs to 84% of income, has seen a year-on-year decline in profit before tax in the first quarter of 2022. Khan has an opportunity to improve the situation by going more aggressively after slightly less wealthy U.S.

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