UBS wealth chief gets audition for top job

Iqbal Khan, CEO Worldwide Wealth Administration of Swiss lender Credit score Suisse, smiles as he speaks in the course of “The Prosperity Administration Marketplace – Into the following decade” at the Reuters World wide Prosperity Administration Summit, Park Hyatt hotel, Zurich Switzerland, June 13, 2016. REUTERS/Arnd Wiegmann

MILAN, July 13 (Reuters Breakingviews) – Iqbal Khan’s marketing puts him on observe for greater factors. UBS (UBSG.S) on Tuesday appointed the personal banker sole head of its flagship world-wide prosperity management business enterprise. Khan, who joined UBS in 2019 from cross-city rival Credit history Suisse (CSGN.S), was by now sharing the oversight of UBS’s $3.1 trillion division with veteran Tom Naratil, who is stepping down.

Khan’s appointment seems like a management test. It puts the Swiss banker additional firmly in management of the U.S. prosperity business, which accounts for just more than 50 percent of UBS world-wide clients’ property. The division, whose reliance on money advisers bumps expenditures to 84% of money, has found a 12 months-on-year decrease in profit ahead of tax in the to start with quarter of 2022. Khan has an opportunity to enhance the predicament by going more aggressively after slightly significantly less rich U.S. consumers and by presenting additional loans and deposits to strengthen retention. It is not quick. Previous Credit rating Suisse boss Tidjane Thiam binned the bank’s U.S. prosperity management arm. Khan need to see the problem as an audition for a person working day succeeding UBS Chief Government Ralph Hamers. (By Lisa Jucca)

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(The author is a Reuters Breakingviews columnist. The opinions expressed are their very own.)

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