Credit Suisse's top private banker, Iqbal Khan, is reportedly on his way into a similar job at crosstown rival UBS. The news follows his sudden exit at Switzerland's second-largest bank last month.

Iqbal Khan is in advanced talks with UBS over an undisclosed senior role in the Swiss giant's wealth management arm, «Bloomberg» reported on Wednesday, citing undisclosed sources familiar with the negotiations. The news comes on the heels of Khan's shock exit from Credit Suisse last month, after months of tension with CEO Tidjane Thiam boiled over.

Khan, who is 43, has emerged as one of the next generation of Swiss private banking executives alongside Boris Collardi at Pictet and incoming Julius Baer boss Philipp Rickenbacher. For UBS, his hire would neatly solve several problems for UBS: The world's biggest wealth manager needs new impetus for its flagship business to jumpstart its shares, and it also has a succession problem on its hands.

Weary «Webermotti» 

Chairman Axel Weber and CEO Ermotti are the duo – dubbed «Webermotti» – which has vowed to run UBS together until 2022. Those ties are being tested amid a stock price that is languishing just north of UBS' all-time low, as finews.com wrote.

Weber has conceded that succession is a priority, but sowed confusion among UBS' troops earlier this year in addressing it. Fifty-nine-year-old Ermotti has insisted he isn't preparing to leave, but is increasingly under pressure – especially as the share price founders.

Sought-After Candidate

The CEO has also insisted that UBS has a deep bench internally of potential successors; nearly two-thirds of the Swiss bank's top managers are older than 55 (eight of 13 including Ermotti). Khan's youth as well as his success at revamping Credit Suisse's wealth arm – which didn't include its fast-growing Asian activities – make him a highly desirable candidate.

A spokesman for UBS didn't comment on the «Bloomberg» item. A spokesman for Khan wasn't immediately available. Khan, a former EY consultant, left after a high-stakes rupture with Credit Suisse CEO Thiam eight weeks ago, as finews.com reported.