UBS Aims for Expansion in US Wealth Management Sector

UBS, a prominent Swiss bank, has outlined a bold strategy to escalate its presence and compete more effectively in the wealth management arena within the United States. The plan involves a substantial investment strategy that will unfold over a three-year horizon. As the bank's Global Wealth Management Director, Iqbal Khan, has disclosed, their objective is to enhance their service offerings and operational scale to match their American counterparts.

Targeting $150 Billion in New Customer Funds

The financial giant aims to secure an additional $150 billion in new customer funds annually, marking a significant push into a fiercely competitive market. UBS envisions establishing itself as a balance to the dominant American banking oligopoly, leveraging its international stature stemming from its Swiss origins.

Stability and Integration at the Forefront

Khan underlines the inherent advantage and stability brought about by the bank's global reach. To gain the confidence of newly onboarded employees, including those from Credit Suisse, Khan underscores the importance of a transparent and merit-based integration process. Despite facing previous criticism regarding the Greensill funds' debacle while at Credit Suisse, Khan clarifies his non-involvement and points to findings from regulatory investigations supporting his stance.

Leadership and Succession

At 47 years old, Iqbal Khan is deemed a potential successor to CEO Sergio Ermotti, although he deems discussions on succession as premature. He highlights his productive collaboration with Ermotti and remains focused on steering the wealth management division toward its ambitious targets.

UBS, Wealth, Growth