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UBS revamps leadership in wealth management as part of broader board changes

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UBS recently announced a significant shake-up of its executive board as part of its ongoing restructuring process after taking over Credit Suisse. The new global wealth management division will be led by co-presidents Iqbal Khan in Asia-Pacific and Rob Karofsky in the U.S., with a focus on sustainable, strategic growth. This move reaffirms the bank’s commitment to expanding its presence in these key regions and maximizing synergies and efficiencies.

This marked the first time a divisional UBS president will be based in the Asia-Pacific region, highlighting the bank’s growing focus on this area. The new appointments signal a shift in the bank’s strategy and emphasize its long-term priorities and growth prospects. Outgoing CEO Sergio Ermotti is expected to step down by early 2027, setting the stage for the next phase of leadership at UBS.

George Athanasopoulos and Marco Valla have been appointed as co-presidents of the investment bank, alongside Damian Vogel who will serve as the incoming global chief risk officer. Their addition to the executive board signifies a key step in the bank’s continued integration journey and focus on realizing synergies and efficiencies. This reshuffle also involves the departure of several outgoing board members from Credit Suisse and UBS.

The restructuring at UBS comes in the wake of its emergency rescue of Credit Suisse last year, as authorities intervened to prevent the collapse of the 167-year-old institution and protect the Swiss economy. The bank’s decision to rule out an outsider as Ermotti’s successor indicates a preference for internal candidates, with a shortlist of three individuals being considered for the CEO role once Ermotti steps down.

As part of its ongoing transformation and growth strategy, UBS is expected to continue prioritizing its operations in the Americas and Asia-Pacific regions. The bank’s focus on sustainable, strategic growth aligns with its long-term vision for success and profitability. With the new executive appointments in place, UBS is poised for a new chapter under fresh leadership as it navigates the evolving financial landscape.

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