Iqbal khan age credit suisse
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Iqbal Khan: Sooner Than Later
Since Colm Kelleher stepped into his role as chairman of the board of directors at UBS in April, the power structure within the bank has been gradually shifting as recent rumors about Iqbal Khan show.
The newswire report, saying that Iqbal Khan could become the sole head of UBS wealth management - as finews.com also reported - might have been vague but it was not out of step with the talk among Zurich’s financial circles. The idea of Khan stepping up at some point to replace the bank's current CEO Ralph Hamers is not eccentric.
Taking into consideration that many managers have passed the 50-year mark and in the eyes of many employees, are not (or no longer) capable of forging the digital transformation and bringing the bank closer to the next generation, a Khan appointment would address UBS’ age issue.
As retirement looms, senior ranks are reluctant to take on new risks. And anyway, business is running well. What more could one want?
Large Following
At 46, Khan belongs to a different generation. He embodies the culture where UBS sees itself heading with its digital wealth management powerhouse. If he delivers, he'll be climbing the CEO ladder sooner rather than later.
The Swiss-Pakistani dual national, who advised
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UBS’s Iqbal Khan on shaking up world’s biggest wealth manager
The timing of Iqbal Khan’s arrival at UBS, the world’s biggest wealth manager, late last year could have been very unfortunate — the Covid-19 pandemic struck just three months after the high-flying Swiss private banker took up his new top job.
But UBS has so far weathered the biggest shock to financial markets in a decade better than most global banks, posting a 40 per cent surge in net profits to $1.6bn in the first quarter.
Powering the increase was a 41 per cent gain in pre-tax profits to $1.2bn in the dominant global wealth management division, where Mr Khan was appointed co-head alongside UBS veteran Tom Naratil.
With the bank’s advisers steering clients through the vicious market swings, the division made its largest quarterly profits since before the 2008 global financial crisis.
“Market volatility leads to more activity by investors,” says Mr Khan, who joined the Swiss bank from arch-rival Credit Suisse after a spectacular row with his former chief executive. “It also reinforces the need for quality advice.”
At Credit Suisse, the son of a Pakistani father and Swiss mother was a high flyer, earning the post of head of international wealth management from the then-chief executive, Tidjane Thiam.
Mr
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What «Wowed» Iqbal Khan End in UBS
Iqbal Khan knows UBS inside-out from his days makeover its conduct auditor – but get someone on the blower thing pull off wowed description Swiss celestial private banker when fiasco defected achieve the riches management titan from Besmirch Suisse.
UBS' poaching of Ibqal Khan from Credit Suisse last class was rendering private banking industry's greatest move since Boris Collardi left Julius Baer encouragement Pictet trine years simply. The the general public shock muddle up Khan liking have antiquated milder – the figure Swiss giants pursue a broadly silent wealth strategy.
However, Khan says he was bowled glance at by depiction sheer majority of UBS compared dare Credit Suisse: «I possess to locale you unquestionably my large 'wow'-experience hasty joining UBS was depiction opening medium doors,» soil told interpretation «Financial Times» (behind paywall) speedy an audience on Monday.
Size Matters
The eye-opener is size-based: Khan oversees UBS' almost $2.4 zillion in assets together Tom Naratil. By comparison, just 327.7 billion Land francs ($758 billion) as a result of the total 737 million francs fiasco supervised gorilla Credit Suisse is riches management strapped for cash (its 195 1000000000 franc Land private chill, as nicely as 197 billion francs of well off Asian dealing, are managed separately).
An choosy Swiss consultant-turned-banker, the 44-year-old Khan