Can Credit Suisse’s Khan turn around UBS Wealth Management?
Iqbal Khan replaces Martin Blessing as UBS co-CEO of Global WM; costs still plague both firms.
UBS's Iqbal Khan, the former head of International Wealth Management at Credit Suisse
UBS announced at the end of August the departure of Martin Blessing, co-head of UBS Global Wealth Management (WM), and his replacement by Iqbal Khan, the former head of International WM at Credit Suisse.
Blessing had only been in his role since January 2018, alongside US-based co-head Tom Naratil. Blessing replaced Jürg Zeltner, CEO of UBS WM, when UBS joined its Americas business with WM to create one global business – now UBS Global WM.
Market participants and sources within the firm said that Blessing had not been the fit that some had hoped – although the strategy from the top seemed confused from the beginning.
Blessing was an odd replacement for Zeltner, given he had only been with UBS for two years, having joined as president of UBS Switzerland in 2016 when he left his position as CEO of Commerzbank.
The Naratil/Blessing combination, it seemed, was designed to bring some stability to UBS’s WM business, which had started to stall in the US and Europe.