UBS targets wealth management growth in US
Swiss bank UBS has set itself the ambitious target of catching up with competitors in the United States by investing heavily over the next three years, Director of Global Wealth Management, Iqbal Khan, told NZZ am Sonntag.
The goal is to acquire $150 billion (CHF130 billion) in new customer funds each year.
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On the customer side, the bank is expected to constitute a counterweight to the oligopoly of American banks. “We have the unique opportunity to be a fully global bank based in Switzerland,” noted Khan.
As for the fear that UBS’s size could become a risk, Khan emphasises that on the contrary, a global presence constitutes an advantage, guaranteeing more stability and predictability of business.
Khan intends to instill confidence in former Credit Suisse employees who moved to UBS “with transparency and presence.” Employees want clarity, which allows them to deal with difficulties. This applies to everyone, and the difference between CS and UBS does not matter, according to the manager.
What is decisive, he added, is that integration is fair, transparent and based on meritocracy criteria. Everyone must understand that for each position, the most capable and suitable person has been chosen.
Khan also rejected criticism that he was co-responsible for the bankruptcy of the Greensill funds because he was part of the management of Credit Suisse until 2019. “I have never met Greensill or had any discussion with him,” he said. Furthermore, no internal or external investigation by Finma has shown any failure on its part.
Aged 47, Khan is one of those who could, when the time comes, succeed CEO Sergio Ermotti. It is premature to talk about this, he noted, specifying that the collaboration with Ermotti was “great”.
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