Following a successful 39-year career at UBS (and its predecessor firm PaineWebber), Tom Naratil has decided to step down from his current roles as Co-President Global Wealth Management and President UBS Americas effective 3 October 2022. Tom has served as a member of the UBS Group (NYSE: UBS) (SWX: UBSN) Executive Board for the past 11 years after holding various roles across divisions, functions, and regions. He was named Group Chief Financial Officer in 2011 and became Group Chief Operating Officer in 2014. In 2016, Tom took on the leadership of the firm’s America’s wealth management business and was named President of UBS Americas. In 2018, Tom was named Co-President of Global Wealth Management (GWM) and, together with Co-President GWM Iqbal Khan, strengthened the wealth management franchise. Under Tom’s leadership, GWM’s profit before tax (PBT) in the Americas region more than doubled to USD 2 billion. Over the next few months, Tom will ensure a smooth transition of both his roles.
Naureen Hassan will join UBS from the Federal Reserve Bank of New York (FRBNY) and will succeed Tom as President of UBS Americas and CEO of UBS Americas Holding LLC., and will become a member of UBS’s Group Executive Board on 3 October 2022. In this role, Naureen will be responsible for driving client relationships, promoting cross-business collaboration, navigating the evolving public policy landscape, and ensuring sound regulatory and reputational risk governance. In addition, she will lead the firm’s strategic growth and digital initiatives in the Americas region, including the transformation of the firm’s Wealth Management Americas Platform, expansion of digitally customized banking services, implementation of the Wealthfront acquisition upon closure, and the rollout of UBS Circle One in the region. Most recently, Naureen was First Vice President and Chief Operating Officer of the FRBNY, where she also served as an alternate voting member of the Federal Open Market Committee. Prior to joining the FRBNY, Naureen was the chief digital officer for Morgan Stanley Wealth Management where she was responsible for the business’s digital transformation. Before Morgan Stanley, she was the executive vice president leading Investor Services strategy, segments, and platforms at Charles Schwab Corporation and a member of the firm’s Executive Committee. She also held various business transformation, strategy, and client experience leadership roles at Charles Schwab Corporation. She began her career at McKinsey & Company.
Iqbal Khan will become the sole president of Global Wealth Management, effective 3 October. Since joining UBS in 2019, Iqbal has served as Co-President GWM together with Tom. Iqbal’s global network, background as a financial and regulatory auditor, risk management expertise, and relentless focus on client outcomes and commercial impact make him the ideal person to lead GWM and will ensure a seamless continuation of our global growth strategy.
Group Chief Executive Officer Ralph Hamers: “I am delighted to welcome Naureen Hassan to UBS as President of UBS Americas and to congratulate Iqbal on his expanded role as sole President of Global Wealth Management. I also want to personally thank Tom for his leadership and significant contributions to UBS over the past four decades. He’s been a champion of our strategy and transformation and a vocal advocate of our diversity initiatives. I wish him all the best in his future endeavors. Our Global Wealth Management business and our Americas region are strategically important, and both offer significant growth opportunities for us. I am confident that Naureen and Iqbal will build upon Tom’s success and continue to deliver for our clients and achieve our strategic ambitions.”
Cautionary Statement Regarding Forward-Looking Statements
This media release contains statements that constitute “forward-looking statements,” including but not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development, and goals or intentions to achieve climate, sustainability, and other social objectives. While these forward-looking statements represent UBS’s judgments, expectations, and objectives concerning the matters described, a number of risks, uncertainties, and other important factors could cause actual developments and results to differ materially from UBS’s expectations. For a discussion of the risks and uncertainties that may affect UBS’s future results please refer to the “Risk Factors” and other sections of UBS’s most recent Annual Report on Form 20-F, quarterly reports, and other information furnished to or filed with the US Securities and Exchange Commission on Form 6-K, and the cautionary statement on the last page of this presentation. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.