UBS-Khan wants to acquire massive amounts of new client assets
Published: Sunday, Dec 3rd 2023, 13:40
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UBS has set itself ambitious growth targets. Iqbal Khan, Head of Global Wealth Management, told the current "NZZ am Sonntag": "Over the next three years, we want to invest heavily in the USA and catch up with the leading providers."
Clients expect UBS to form a counterpart to the oligopoly of US banks: "We have the unique opportunity to be a completely global bank based in Switzerland," said Khan. The bank has set itself the goal of acquiring 150 billion dollars in new client assets per year.
In response to concerns that UBS's size could become a risk, Khan explains: "On the contrary, the global presence is an advantage because it provides more stability and makes the business more predictable."
Establishing the trust of CS people
Khan wants to establish the trust of the former CS bankers who have now joined UBS with "transparency and presence". "Employees want clarity, then they can also deal with difficulties. This applies to all employees. The distinction between CS and UBS is not important to me," he emphasized.
It is crucial that the integration process is fair, transparent and based on meritocratic criteria. "Everyone must be able to clearly understand that we have selected the most capable and suitable person for each position."
Khan rejects Greensill criticism
Khan also rejected accusations that he was partly to blame for the bankruptcy of the Greensill funds because he was a member of the Credit Suisse Executive Board until 2019. "I have never met Mr. Greensill and I have never had a conversation with him." Furthermore, neither internal nor external investigations by Finma had found any misconduct on his part.
However, he didn't want to say anything about Archegos. "It's not my job to comment on Archegos. That's not my business," he said succinctly.
The 47-year-old Khan is one of the candidates to succeed CEO Sergio Ermotti one day. However, this discussion is premature, explained Khan, especially as Ermotti's footsteps are huge. Regarding Ermotti himself, he said: "The collaboration is great. He is a tough but fair boss. Sergio is a stroke of luck for our bank."
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