Iqbal Khan kept it snappy in his first missive to the 22,925 employees he is now in charge of together with Tom Naratil. He made clear that he wants to squeeze more out of the Swiss wealth giant.
On Monday, UBS was setting the scene for the arrival of 43-year-old Iqbal Khan – including an elaborate bouquet of flowers to mark his first day at the Swiss giant. The same afternoon, Credit Suisse directors were accepting the resignation of operating chief Pierre-Olivier Bouée, the man ostensibly behind the shadowing of his former colleague.
Khan made no reference to the incident and only a vague one to Credit Suisse in his first address to UBS' 22,925 wealth management employees, according to a memo seen by finews.com.
Squeezing More
He made clear that he and co-head Tom Naratil would seek to squeeze more out of the unit, which is the world's largest private bank. «It's also clear there is unrealized potential. My focus with Tom will be on unlocking that potential and more, while helping the talent we have here to excel,» Khan said, acknowledging the admiration that UBS commands.
Khan said he would begin with a listening tour: «As a leader, and as a colleague, you can expect me to be fair, passionate about clients and results-oriented. I'm very keen to hear your views and ideas.» A spokesman for UBS confirmed Khan's remarks.
Battle-Scarred
If Khan can restore private banking growth at UBS and thus enliven investor's interest, his ascent to CEO Sergio Ermotti's job is secured. The unwieldy unit faces criticism centered around a lack of focus and plan beyond cost-cutting amid fears of profits dropping, as finews.com reported in July.
«Please make every client interaction count. Let's focus on finishing the year strongly together,» Khan told his and Naratil's troops. The former EY consultant possesses an intricate knowledge of UBS from his days as the Swiss giant's lead auditor. He also arrives battle-scarred from the spying episode, which has spilled over into a wider scandal over discretion in Swiss wealth management.
