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UBS Splits Wealth Management Role as Part of Executive Reshuffle

UBS said on Thursday it would split its top wealth management role as part of a shake-up of its executive board, creating new responsibilities for two leading contenders to eventually run the Swiss bank after CEO Sergio Ermotti. Rob Karofsky, head of UBS's investment bank, will in July become head of the Americas and co-president of global wealth management alongside current wealth management boss Iqbal Khan, who will now also take charge of the Asia-Pacific region.

UBS Makes Karofsky and Khan Wealth Co-Heads in Management Shakeup

UBS Makes Karofsky and Khan Wealth Co-Heads in Management Shakeup

UBS makes Karofsky and Khan wealth co-heads in shakeup

UBS rules out external successor to Ermotti as CEO, FT reports

The Swiss bank could signal the identities of the potential successors as early as next year's annual meeting, the newspaper said, citing people with knowledge of the plans. The paper said that while no final decision had been made about the shortlist, Iqbal Khan, head of wealth management, is expected to be included. It also said Robert Karofsky, head of the investment bank, Beatriz Martin, who oversees UBS's non-core and legacy unit, and Sabine Keller-Busse, who is in charge of the bank's Swiss business, are also seen as potential candidates.