UBS Considering U.S. CEO Role in Strategic Revamp

What You Need to Know

The firm is the largest wealth manager in the world outside the U.S., where it’s struggled to expand.
The creation of the role aims to reprise a position held by Tom Naratil from 2016 to 2022.

UBS Group AG is discussing plans to elevate investment bank chief Rob Karofsky to lead its entire U.S. business, as the Swiss lender focuses on expanding in the world’s largest wealth market, people familiar with the matter said.

The shake-up, the details of which have not yet been finalized, would see Karofsky, 57, take responsibility for the key wealth management business in the country, in addition to the U.S. investment bank, said the people, who asked not to be named discussing private details.

The move would enable global wealth head Iqbal Khan, 48, to focus on fast-growing markets in Asia and the Middle East.

The creation of the role reprises to an extent the position held by Tom Naratil, who was the joint leader of the wealth unit and the president of UBS’s Americas business until 2022.

Khan, who helped run Credit Suisse’s international wealth business for several years before moving to UBS in 2019, was subsequently made sole global wealth head.

A spokesman for UBS declined to comment. Karofsky and Khan didn’t respond to requests for comment.

UBS Chief Executive Officer Sergio Ermotti has made expanding in the U.S. wealth market a key part of his strategy beyond the immediate integration of Credit Suisse, which the bank bought in an emergency rescue last year.