Naureen Hassan to Succeed Tom Naratil as UBS Americas President

What You Need to Know

Tom Naratil is stepping down as president of UBS Americas and CEO of UBS Americas Holding in October after 39 years at the firm.
Naureen Hassan will join UBS from the New York Fed. She has held leadership roles at Morgan Stanley and Schwab.
As expected, Iqbal Khan will become the sole president of UBS’ wealth management business.

Naureen Hassan will join UBS from the Federal Reserve Bank of New York and succeed Tom Naratil as president of UBS Americas and CEO of UBS Americas Holding, while also becoming a member of UBS’ group executive board on Oct. 3, the wirehouse said late Tuesday.

Meanwhile, as expected, Iqbal Khan will become the sole president of UBS’ wealth management business, also effective Oct. 3. Since joining UBS in 2019, Khan has served as GWM co-president with Naratil.

The executive changes are happening as Naratil, following a 39-year career at UBS (and at PaineWebber, which was acquired by UBS in 2000), decided to step down from his current roles, the wirehouse announced.

The exact reason for Naratil’s departure and his future plans were not clear on Wednesday and he didn’t immediately respond to a request for comment.

UBS had been considering a plan to promote Khan to be the sole GWM head, potentially setting him up as an eventual successor to CEO Ralph Hamers. But sources with knowledge of the deliberations told Bloomberg before the announcement that Naratil might be keeping his regional role as head of UBS’ business in the Americas, no final decisions had been made, and the plans could still change.

Naratil has also served as a member of the UBS Group executive board for the past 11 years after holding various roles across the firm’s divisions, functions and regions. He was named group CFO in 2011 and became group COO in 2014.

In 2016, Naratil became leader of the firm’s Americas wealth management business and was named UBS Americas president. Two years later, he was named GWM co-president and, together with Khan, “strengthened the wealth management franchise,” the company said Tuesday.

Under Naratil’s leadership, GWM profit before tax in the Americas region more than doubled to $2 billion, according to UBS.

“Over the next few months, Tom will ensure a smooth transition of both his roles,” UBS said.

Hassan, meanwhile, will be “responsible for driving client relationships, promoting cross-business collaboration, navigating the evolving public policy landscape, and ensuring sound regulatory and reputational risk governance,” according to the wirehouse.

She will also lead the firm’s strategic growth and digital initiatives in the Americas region, including the transformation of the firm’s Wealth Management Americas platform, expansion of digitally customized banking services, implementation of the Wealthfront acquisition upon closure, and the rollout of UBS Circle One in the region.