As President Personal & Corporate Banking and President UBS Switzerland from September 2016 to January 2018 he successfully managed the business of the firm in its home market with a particular focus on driving its digitization agenda. At the age of 40, Khan was promoted to head a new department for international wealth management. Koerner has been President Europe, Middle East and Africa for UBS since November 2011 and, additionally, President Asset Management since 2014. Prior to UBS, she led Credit Suisse's Private Clients business for region Zurich and also advised financial services firms across Europe as a McKinsey & Company partner. The bank misspoke when it said the surveillance was isolated, but on that point only. She is a strong leader with an excellent track record and broad experience across the industry, including research, client coverage and risk management. Credit Suisse reportedly had its ex-top private banker Iqbal Khan tailed by a security detail. He isn't the first to be on the receiving end of what numerous insiders describe as a heightened sense of paranoia at Credit Suisse. Zurich, 29 August 2019 – Following more than ten successful years in the Group Executive Board of UBS, Ulrich Koerner has decided to step down from his current roles as President Asset Management and President UBS Europe, Middle East and Africa. While bankers move between the wealth giants almost daily, Khan isn't being held to his notice or a traditional cooling-off period. In a twist, Mr. Khan then had Credit Suisse security personnel stationed at his home, a service the bank provides if employees feel threatened, the people said. As Group Chief Operating Officer from 2009 to 2013, he was instrumental in designing and implementing the transformation of UBS's operating model, establishing a global service and control organization which unlocked significant synergies for the firm. Twice a week e-mail alerts from finews.com. During this time he successfully transformed the firm's international wealth management division and drove strong growth and profitability in the business. All changes are effective 1 October 2019. Suni Harford and Iqbal Khan to join Group Executive Board of UBS, UBS E-banking and online services Switzerland. 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He will remain with UBS as senior advisor to the Group CEO until at least 31 March 2020 to support the Group with several ongoing key initiatives. Sabine Keller-Busse's role expands to include President UBS Europe, Middle East and Africa The discussion got heated. The three men were arrested by local police following the melee, according to the media reports, and face charges of coercion. Mr. Thiam scolded Mr. Khan for what he perceived as rude behavior, according to the people familiar with the matter. I wish both of them all the best. Changes effective 1 October 2019. Still, it’s probably gonna be worth reading, since heads (probably not Tidjane Thiam’s) may roll. Khan will take virtually the same job at UBS as he had at Credit Suisse, but add the Asian wealth arm to a remit he will share with co-head Tom Naratil. The Swiss bank was apparently looking to ensure that Khan didn't poach clients or key staff during the three-month period between leaving Credit Suisse and joining UBS, the Swiss paper reported. At the heart of that decision is the deteriorating relationship between Khan and … The executive reportedly feared that Khan would try to encourage Credit Suisse colleagues to join him at UBS. I congratulate Sabine on the expansion of her role. Iqbal Khan will join UBS and succeed Martin Blessing as Co-President Global Wealth Management, alongside Tom Naratil. And I'm looking forward to having Suni and Iqbal join the Group Executive Board. At the heart of Credit Suisse’s Keystone Kops surveillance of former wealth-management chief Iqbal Khan (and thus of the “temporary arrests” it led to) is Khan’s decision to leave the bank for the same job at a larger bank across town, UBS. At the heart of that broken relationship is a tale of ambition, and also apparently foliage. ", Investor contact Switzerland: +41-44-234 41 00, Media contact Switzerland: +41-44-234 85 00 UK: +44-207-567 47 14 Americas: +1-212-882 58 58 APAC: +852-297-1 82 00. "Iqbal really caught his eye," says a credit manager at Credit Suisse. This brought UBS Asset Management back on a sustainable growth path driven by significantly improved investment performance. Khan's wife, who was in the car with him, witnessed the altercation, as did bystanders, according to the Swiss media reports. Credit Suisse told prosecutors that it had ordered Khan followed, according to Swiss weekly «Sonntagszeitung,» citing sources (in German, behind paywall). Iqbal Khan will join UBS and succeed Martin Blessing as Co-President Global Wealth Management, alongside Tom Naratil. Khan served as CFO of Private Banking and Wealth Management at Credit Suisse from 2013 to 2015. Credit Suisse’s institutional shareholders have their CEO’s back like Republican senators have the president’s. Surprise! Khan is moving to rival bank UBS to be co-head of wealth management. During this time he played a crucial role in the smooth and successful combination of our international and US wealth management businesses, reaching the planned synergies and driving initiatives for sustainable growth. A close lieutenant of Mr. Thiam, chief operating officer Pierre-Olivier Bouée, hired a Zurich security agency, Investigo GmbH, according to a person familiar with the mandate. The skirmish last week capped an alleged pursuit of Khan which ended near Zurich's Metropol, a tony restaurant favored by bankers across the street from Switzerland's central bank. At a party in January at Mr. Thiam’s home, Mr. Khan spoke with Mr. Thiam’s girlfriend about some trees on the Thiam property. Khan, on leave before he is due to join UBS as co-head of wealth management on Oct. 1, was followed by unidentified men while driving his car with his wife … What did he say about those trees? I also want to thank Martin for his leadership and contribution to our Swiss and Global Wealth Management businesses as well as the firm. He Quit Credit Suisse. They are great additions to the team and will help us drive sustainable growth and profitability for UBS. The star wealth manager reportedly scrapped with three men employed as a private security detail in Zurich last week, according to several media reports including in «Bloomberg», citing sources. ‘Cuz that’s the only thing Credit Suisse is failing at these days. Please consult the sales restrictions relating to the products or services in question for further information. A broad-daylight skirmish underscores the heightened tensions around his defection to UBS. Khan was CEO of International Wealth Management (IWM) and a member of the executive board at Credit Suisse from 2015 to 2019. At the heart of that decision is the deteriorating relationship between Khan and his former mentor (who he one day hoped to succeed), CEO Tidjane Thiam. Harford joined UBS in 2017 in her current role as Head of Investments for UBS Asset Management. Iqbal Khan is not a trader, but he probably could be. A broad-daylight skirmish underscores the heightened tensions around his defection to UBS. Both of them bring strong leadership and people skills along with a track record of successful execution. What Did Iqbal Khan Say About Tidjane Thiam’s Trees? You are free to change your cookies' settings in the privacy settings. FILE PHOTO: Iqbal Khan, former CEO International Wealth Management of Swiss bank Credit Suisse attends the company's annual shareholder meeting in Zurich, Switzerland April 26, 2019. Sabine Keller-Busse will succeed Koerner as President UBS Europe, Middle East and Africa in addition to her current role as Group Chief Operating Officer (COO). Suni Harford will join the Group Executive Board of UBS and succeed Ulrich Koerner as President Asset Management. Martin Blessing and Ulrich Koerner to step down The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. He will remain with UBS to ensure a smooth transition until 31 December 2019. That conversation is a subject of the inquiry, according to people familiar with the matter. There’s something about him that just makes Swiss people uncomfortable, not that we have any idea what…. © UBS 1998 - 2020. You can find more information under the Privacy Statement. It underscores what is at stake for the two, particularly in the flagship wealth arm. During her time at UBS she has successfully led Asset Management's integrated Investments capabilities, driving performance for its clients. And uncover whether its PIs thought Iqbal Khan’s kids were Credit Suisse employees about to jump ship. On Sept. 17, Mr. Khan, while out shopping with his wife, realized his car was being followed, a person briefed on the events said. It’s unlikely next week’s internal report will get into that matter—although Credit Suisse should keep in mind just how ugly arboreal disputes can get among the well-heeled and over-entitled. She started her Wall Street career at Merrill Lynch & Co. in investment banking. Investigo’s brief was to follow Mr. Khan and take photos of anyone he met, while keeping his distance and operating lawfully, according to a statement Investigo gave to Credit Suisse and Swiss authorities…. Blessing has been Co-President Global Wealth Management since February 2018. Over time, the warm relationship turned frosty, as Mr. Khan’s ambitions grew, the people familiar with the matter said. Since being named Group COO in January 2018, Keller-Busse has overseen significant parts of Corporate Center (including global functions such as technology, operations, human resources, and corporate and consulting services) and has been pivotal in implementing stronger business alignment while driving efficiency and effectiveness. Credit Suisse reportedly had its ex-top private banker Iqbal Khan tailed by a security detail. We demand a probe into Credit Suisse’s Arborgate! This morning, UBS announced that Khan is … What did Khan want? Keller-Busse joined UBS in 2010, first holding the role of Chief Operating Officer UBS Switzerland and then Group Head Human Resources. Then He Caught the Bank’s Spy. UBS' Private Bank Looks to Old-School Over Digital, Khan-Scandal: Credit Suisse Appeals to Highest Court, Charges Filed Against Fallen Swiss Banker, Staff Association Demands Corona-Bonus for Bankers, Julius Baer Eyes Return to Major Dealmaking, Thorsten Pauli: «We Won't See a March 2.0», Peter Hody: «Sergio Ermotti Anoints an Heir», Tidjane Thiam Settles Bust-Up at Credit Suisse, Bitcoin Suisse Maps Next Steps to Listing, Bitcoin Suisse Eyes Unicorn Status After Funding. During this time and while the asset management industry was undergoing its most radical change in decades, he led the successful repositioning of the division from a fragmented multi-boutique structure to an effective and globally integrated business. Over the next three years, he increased revenues from SFr1bn to SFr1.8bn, according to Andreas Venditti, a Vontobel analyst. Does Hong Kong’s Peg Break the National Security Law? Tidjane Thiam’s been cleared by his bank’s probe into some Big Lebowski-esque private investigating. Former investment banker Marco Illy was forced out of a job at UBS last year after allegedly taking a client call before he had officially moved, as finews.com exclusively reported. And also apparently foliage by a security detail Venditti, a Vontobel.. Any idea what… Khan for what he perceived as rude behavior, to. S the only thing Credit Suisse also apparently foliage the Privacy settings month is precedent. Tom Naratil were Credit Suisse reportedly had its ex-top private banker Iqbal Khan tailed a... And a member of the inquiry, according to people familiar with the matter Iqbal really caught his,. Almost daily, Khan was CEO of International Wealth Management businesses as well as firm. Can find more information under the Privacy Statement capabilities, driving performance its. Ubs she has successfully led Asset Management the Group Executive Board of and! 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