UBS splits wealth management role amid executive reshuffle

ZURICH (Reuters) – UBS on Thursday said Rob Karofsky would become head of the Americas and co-president of global wealth management with Iqbal Khan, who will take charge of the Asia-Pacific region as part of shake-up of the Swiss bank’s executive board.

Khan will relocate to Asia to assume the role as part of a series of changes taking effect from July. 1. Damian Vogel has been appointed Chief Risk Officer and will take over from Christian Bluhm, the bank said.

Khan and Karofsky are both seen as candidates to succeed UBS CEO Sergio Ermotti when he steps down, which the bank has indicated could take place by early 2027.

The bank also announced George Athanasopoulos and Marco Valla as Co-Presidents of the Investment Bank.

Ermotti said in a statement the appointments put “even more emphasis on our long-term priorities and growth prospects, particularly in the Americas and Asia-Pacific.”

Former Credit Suisse CEO Ulrich Koerner is to retire from the bank later this year, the bank said.

The President of UBS Americas, Naureen Hassan, is to step down effective July 1.

(Reporting by Noele Illien; Editing by Dave Graham)