UBS considers making Iqbal Khan the head of wealth management

11 Jul 2022 , 09:11 AM

Iqbal Khan may succeed chief executive officer Ralph Hamers in the future if a plan to make him the sole leader of the bank’s global wealth management division is approved by UBS Group AG.

According to a news report from Bloomberg, Tom Naratil, who co-leads the private banking division alongside Khan, may continue in his regional position as the president of UBS’s business in the Americas. The plans could yet alter, they warned, and no decisions have been taken that are definitive.

Furthermore, it’s not obvious from the modifications whether Naratil would still serve on the bank’s 12-person executive board.

The Swiss lender run by Hamers is betting on increased use of digital technology to enhance cost savings and expand business with the world’s wealthiest after exceeding the $3 trillion mark in assets under management. UBS acquired the American robo-wealth advisor Wealthfront and has introduced a number of mobile applications in Europe and Asia.