UBS’s Iqbal Khan to Restructure Ultra High Net Worth Unit

UBS is planning to restructure its ultra high net worth unit, a move led by Iqbal Khan, who joined the company recently. This restructuring is expected to cause some internal disruptions and job cuts. UBS's CEO, Sergio Ermotti, has given Khan 60 days to propose solutions for rejuvenating the wealth management sector. The changes at UBS are compared to its rival, Credit Suisse, highlighting UBS's leadership in the sector but also its slower growth compared to Credit Suisse. The focus for UBS is to increase business with existing clients rather than seeking new ones.

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