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UBS Restructures Wealth Management Leadership in Board Shake-Up

May 30, 2024 1 min read

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UBS has announced a significant overhaul of its executive board following its acquisition of Credit Suisse. As part of the changes, the global wealth management division will be split, with Iqbal Khan overseeing the Asia-Pacific region and Rob Karofsky managing the Americas. Khan is set to relocate to Asia starting September 1. This restructuring is seen as a strategic move to align with the bank's long-term goals and to prepare for the eventual departure of current CEO Sergio Ermotti by early 2027.

Additionally, George Athanasopoulos and Marco Valla have been appointed as co-presidents of the investment bank, while Damian Vogel will take over as the global chief risk officer. The executive shake-up comes as UBS prepares for the legal completion of its merger with Credit Suisse, which is expected to be finalized shortly. Former Credit Suisse CEO Ulrich Koerner is set to retire later this year. These changes underscore UBS's focus on strengthening its position in key markets, particularly in the Americas and Asia.

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