Soon after Iqbal Khan joined Credit Suisse in 2013 he was invited to dinner at Zurichâs elegant Ristorante Bindella for a discreet conversation with the chief financial officer of UBS, his new employerâs 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 Switzerlandâs UBS. Over a chandelier-lit pasta meal, Naratil decided UBS would benefit from bringing the highly ambitious Khan onboard.Â
Now, two years after the ex-auditor finally joined his one-time client, Khan and Naratil are running UBSâs $3.6tn wealth business, the bankâs beating heart and its profits engine. âThe fact that they didnât end up in a situation where either got fired or they killed each other, thatâs actually a pretty good relationship,â said a senior UBS executive.
But with profits hitting record levels, the pair must now prove they can keep returns high while also…