Home Markets UBS wealth business booms but are risks piling up?

UBS wealth business booms but are risks piling up?


Soon after Iqbal Khan joined Credit Suisse in 2013 he was invited to dinner at Zurich’s elegant Ristorante Bindella for a discreet conversation with the chief financial officer of UBS, his new employer’s fierce rival.

Khan had got to know Tom Naratil well over the previous two years while Khan was a partner at EY and lead auditor to Switzerland’s UBS. Over a chandelier-lit pasta meal, Naratil decided UBS would benefit from bringing the highly ambitious Khan onboard. 

Now, two years after the ex-auditor finally joined his one-time client, Khan and Naratil are running UBS’s $3.6tn wealth business, the bank’s beating heart and its profits engine. “The fact that they didn’t end up in a situation where either got fired or they killed each other, that’s actually a pretty good relationship,” said a senior UBS executive.

But with profits hitting record levels, the pair must now prove they can keep returns high while also…

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