UBS wealth chief gets audition for top job
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MILAN, July 13 (Reuters Breakingviews) – Iqbal Khan’s promotion puts him on keep track of for more substantial things. UBS (UBSG.S) on Tuesday appointed the private banker sole head of its flagship international prosperity management business. Khan, who joined UBS in 2019 from cross-town rival Credit Suisse (CSGN.S), was 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 exam. It puts the Swiss banker far more firmly in manage of the U.S. wealth enterprise, which accounts for just about half of UBS world clients’ assets. The division, whose reliance on money advisers bumps prices to 84% of earnings, has viewed a 12 months-on-12 months decline in revenue prior to tax in the very first quarter of 2022. Khan has an possibility to enhance the scenario by likely a lot more aggressively immediately after a little less rich U.S. clients and by presenting additional financial loans and deposits to make improvements to retention. It’s not easy. Former Credit Suisse manager Tidjane Thiam binned the bank’s U.S. prosperity management arm. Khan must see the challenge as an audition for a single day succeeding UBS Chief Govt Ralph Hamers. (By Lisa Jucca)
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(The author is a Reuters Breakingviews columnist. The views expressed are their possess.)
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