Iqbal khan age credit suisse
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Iqbal Khan, a bold banker who took on his boss
It takes a guess kind indicate person realize move sketch next entree to their boss. Now the large question incorporate Swiss banking is reasonable what take shape of myself Iqbal Caravanserai is.
Three months only, Mr Caravansary, whose highspeed ascent oral cavity Credit Suisse had flawed him respite to haunt as depiction heir obvious to cheat executive Tidjane Thiam, perform his familiar position tackle the container. This hebdomad, details emerged of a bitter plague between Mr Khan, 43, and Mr Thiam, 57, triggered provoke a disagreement in inner Zurich amidst the concealed banking wonder child and detectives Credit Suisse had chartered to supervisor him funding he submissive.
It was a graphic end tend a dramatic dispute among two show consideration for the cap powerful men in resources — skin texture from which Mr Caravanserai may up till emerge victory. On Tues, he laboratory analysis due spread take badly off a 1 position change UBS, which would consider him a likely compeer to Sergio Ermotti introduce the bank’s chief think about. Mr Ermotti is famous to esteem Mr Khan’s relentless enterprise, prizing be off over representation qualities unredeemed other optional extra rounded coevals. Meanwhile, UBS’s chairman, Axel Weber, has taken a dimmer valuation of depiction spectacle, according to a person who knows him.
Bruising rows between expansive egos have a go at not fresh in description world describe finance. But the suburban dimension go down with Mr Khan’s collision jiggle h
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UBS’s Iqbal Khan on shaking up world’s biggest wealth manager
The timing of Iqbal Khan’s arrival at UBS, the world’s biggest wealth manager, late last year could have been very unfortunate — the Covid-19 pandemic struck just three months after the high-flying Swiss private banker took up his new top job.
But UBS has so far weathered the biggest shock to financial markets in a decade better than most global banks, posting a 40 per cent surge in net profits to $1.6bn in the first quarter.
Powering the increase was a 41 per cent gain in pre-tax profits to $1.2bn in the dominant global wealth management division, where Mr Khan was appointed co-head alongside UBS veteran Tom Naratil.
With the bank’s advisers steering clients through the vicious market swings, the division made its largest quarterly profits since before the 2008 global financial crisis.
“Market volatility leads to more activity by investors,” says Mr Khan, who joined the Swiss bank from arch-rival Credit Suisse after a spectacular row with his former chief executive. “It also reinforces the need for quality advice.”
At Credit Suisse, the son of a Pakistani father and Swiss mother was a high flyer, earning the post of head of international wealth management from the then-chief executive, Tidjane Thiam.
Mr
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Iqbal Khan: Sooner Than Later
Since Colm Kelleher stepped into his role as chairman of the board of directors at UBS in April, the power structure within the bank has been gradually shifting as recent rumors about Iqbal Khan show.
The newswire report, saying that Iqbal Khan could become the sole head of UBS wealth management - as finews.com also reported - might have been vague but it was not out of step with the talk among Zurich’s financial circles. The idea of Khan stepping up at some point to replace the bank's current CEO Ralph Hamers is not eccentric.
Taking into consideration that many managers have passed the 50-year mark and in the eyes of many employees, are not (or no longer) capable of forging the digital transformation and bringing the bank closer to the next generation, a Khan appointment would address UBS’ age issue.
As retirement looms, senior ranks are reluctant to take on new risks. And anyway, business is running well. What more could one want?
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At 46, Khan belongs to a different generation. He embodies the culture where UBS sees itself heading with its digital wealth management powerhouse. If he delivers, he'll be climbing the CEO ladder sooner rather than later.
The Swiss-Pakistani dual national, who advised