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Rob Karofsky and Iqbal Khan have been appointed co-leaders of UBS's Global Wealth Management division, tasked with enhancing profitability and integrating Credit Suisse. UBS reported a return to profit in Q1, with revenues rising significantly, while a new division, GWM Solutions, aims to streamline services for wealthy clients. The integration of Credit Suisse is on track for completion by 2026, amid scrutiny of the crisis that led to its acquisition.
UBS Chairman Colm Kelleher announced plans for a future acquisition of a U.S. wealth management firm to enhance its presence in the market, following the integration of Credit Suisse. The bank, which has struggled to scale its independent broker model in the U.S., aims to improve its existing operations, particularly with Paine Webber, before pursuing further expansion. CEO Sergio Ermotti has emphasized the importance of growth in the U.S. economy, appointing Rob Karofsky to lead regional efforts.
UBS Group AG chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, lags in the US market and requires time to address internal issues before pursuing further acquisitions.
UBS Chairman Colm Kelleher announced plans for a future acquisition of a US wealth management firm to enhance its presence in the market, following the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and avoid distractions during this transition. Despite being the largest global wealth manager, UBS faces challenges in scaling its independent broker model in the US, where it has fewer advisers compared to rivals like Morgan Stanley.
UBS Group AG Chairman Colm Kelleher announced plans to acquire a US wealth management firm after completing the integration of Credit Suisse. He emphasized the need to improve the performance of Paine Webber and expressed a desire to replicate Morgan Stanley's success with Smith Barney. Kelleher noted that UBS, while the largest global wealth manager, still lags in the US market and requires time to address internal issues before pursuing further acquisitions.
Sabine Keller-Busse faces significant challenges in Personal & Corporate Banking at UBS Switzerland, particularly after the Credit Suisse takeover, as she aims to restore profitability while managing diverging stakeholder interests. Meanwhile, Iqbal Khan oversees Swiss Wealth Management, which is highly profitable, complicating Keller-Busse's position as a potential successor to CEO Sergio Ermotti. The bank emphasizes a shared responsibility for wealth management success, despite the competitive dynamics between the divisions.
Rob Karofsky
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ubs appoints co-leaders to enhance wealth management and integrate credit suisse
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08:10 06.11.2024
ubs plans future acquisition to enhance us wealth management presence
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ubs plans us wealth manager acquisition after credit suisse integration
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ubs plans us wealth firm acquisition after credit suisse integration
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21:22 29.10.2024
ubs plans us wealth manager acquisition after credit suisse integration
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20:58 29.10.2024
sabine keller-busse faces challenges in succession race at ubs
United States Dollar
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07:02 11.10.2024
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