UBS has appointed Iqbal Khan, former Credit Suisse banker to improve its succession planning and dull performance. Iqbal Khan exited Credit Suisse in July owing to internal conflict, according to several media reports.
His new challenge will be to address the slow growth in UBS wealth management division. The bank’s wealth management division saw 12 percent drop in profits in the second quarter, mainly as clients opted for low-margin products. That said, the bank had $2 billion in outflows as several US clients withdrew over a period of time.
For now, Iqbal Khan will focus on expansion of UBS business by building high-profile clientele, mainly in the US. In addition, he will have to work toward growth rebound in Asia-Pacific and restructuring of the bank’s European business.
Iqbal Khan was the CEO of International Wealth Management and member of the executive board at Credit Suisse from 2015 to 2019. His stint at Credit Suisse was seen as valuable as he drove strong business profit. In this regard, USB executives expect similar robust performance from him during his stint. In 2015, pre-tax income at Credit Suisse wealth management division stood at SFr723 million and reached SFr1.7bn in 2018.
Credit Suisse CFO of International Wealth Management Philipp Wehle will be the next CEO of the division, media reports said.
Tidjane Thiam, CEO of Credit Suisse said: “International Wealth Management has delivered strong financial results, while enhancing our client franchise and achieving industry leading growth over the period. I thank Khan for the strong results he delivered during his time leading IWM and wish him well.”