UBS Group Executive Board Changes

Iqbal Khan will lead Global Wealth Management, and Naureen Hassan will take over as President of UBS Americas.

Tom Naratil has opted to leave his positions as Co-President Global Wealth Management and President UBS Americas as of October 3, 2022, after a long 39-year career at UBS (and its predecessor business PaineWebber). Tom has worked in many departments and regions at UBS over the past 11 years before joining the Group Executive Board. In 2011, he was promoted to CFO of the group, and in 2014, he was promoted to COO of the group. Tom became President UBS Americas in 2016, putting him in charge of the company's wealth management operations in the Americas. Together with fellow Co-President GWM Iqbal Khan, Tom strengthened the wealth management franchise in 2018 after being promoted to the position. Tom led GWM to a doubling of PBT in the Americas to $2 billion. Tom will spend the next few months ensuring a seamless transition between his two responsibilities.

On October 3, 2022, Naureen Hassan will replace Tom as President UBS Americas and CEO of UBS Americas Holding LLC., having previously worked at the Federal Reserve Bank of New York (FRBNY). She will also join UBS's Group Executive Board. Naureen's duties will include fostering relationships with clients, encouraging cooperation between departments, keeping up with changes in public policy, and assuring effective management of regulatory and reputational risk. She will also oversee the firm's digital and strategic growth initiatives in the Americas, such as the deployment of UBS Circle One and the implementation of the Wealthfront acquisition after it closes. Naureen has served as an alternate voting member of the Federal Open Market Committee and as First Vice President and Chief Operating Officer of the FRBNY. Naureen oversaw the digital transformation of Morgan Stanley Wealth Management as its chief digital officer before she joined the FRBNY. At Charles Schwab Corporation, she was an executive vice president and a member of the company's Executive Committee, where she oversaw strategy, segments, and platforms for the Investor Services division. At Charles Schwab, she led teams in charge of business strategy, customer service, and digital transformation. The consulting firm McKinsey & Company was where she got her start.

On October 3rd, Iqbal Khan will take over as the only President of Global Wealth Management. Iqbal joined UBS in 2019, and he and Tom share the role of Co-President GWM. Iqbal is the best candidate to lead GWM because of his extensive international connections, experience as a financial and regulatory auditor, knowledge of risk management, and unwavering dedication to improving business results for clients.

Ralph Hamers, CEO of UBS Group, said,

"I am thrilled to welcome Naureen Hassan to UBS as President UBS Americas and to congratulate Iqbal on his enlarged role as single President Global Wealth Management. I'd also like to take this opportunity to recognise Tom, who has served as a leader and made major contributions to UBS for the better part of four decades. He has been an outspoken supporter of our diversity efforts and a leader in our strategy and transformation. Good luck to him in whatever he decides to do next. Both our Global Wealth Management division and the Americas give us excellent prospects for future expansion. Tom has laid a solid foundation, and I know that Naureen and Iqbal will take it from there to further satisfy our clients and realise our strategic goals."

Source: UBS news