UBS wealth chief gets audition for top job
Iqbal Khan, CEO Intercontinental Wealth Administration of Swiss bank Credit rating Suisse, smiles as he speaks in the course of “The Prosperity Administration Business – Into the next decade” at the Reuters World-wide Prosperity Management Summit, Park Hyatt lodge, Zurich Switzerland, June 13, 2016. REUTERS/Arnd Wiegmann
Sign-up now for Free of charge limitless accessibility to Reuters.com
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)
Observe @Breakingviews on Twitter
Sign-up now for Totally free unlimited obtain to Reuters.com
(The author is a Reuters Breakingviews columnist. The views expressed are their possess.)
Capital Phone calls – More concise insights on world-wide finance:
Temasek receives fearful when it is time to be greedy browse much more
Computer meltdown has only just begun
Obtain-now offer collapse could necessarily mean offering later on read much more
Klarna helps buyers to get now, cry later read extra
Hong Kong mind drain gathers speed with Alder exit read through far more
Sign-up now for Free of charge unrestricted obtain to Reuters.com
Editing by George Hay and Streisand Neto
Our Standards: The Thomson Reuters Believe in Rules.
Views expressed are those people of the writer. They do not mirror the sights of Reuters News, which, below the Have faith in Ideas, is dedicated to integrity, independence, and liberty from bias.