UBS Group today announced a set of changes to its Executive Board.

Following a successful 39-year career at UBS, Tom Naratil has decided to step down from his current roles as Co-President Global Wealth Management and President UBS Americas effective 3 October 2022.

Mr Naratil has served as a member of the UBS Group Executive Board for the past 11 years after holding various roles across divisions, functions, and regions. He was named Group Chief Financial Officer in 2011 and became Group Chief Operating Officer in 2014.

In 2016, he took on the leadership of the firm’s Americas wealth management business and was named President UBS Americas. In 2018, he was named Co-President Global Wealth Management (GWM) and, together with Co-President GWM Iqbal Khan, strengthened the wealth management franchise.

Over the next few months, Mr Naratil will ensure a smooth transition of both his roles.

Naureen Hassan will join UBS from the Federal Reserve Bank of New York (FRBNY) and will succeed Tom Naratil as President UBS Americas and CEO of UBS Americas Holding LLC., and will become a member of UBS’s Group Executive Board on 3 October 2022.

Most recently, Naureen was First Vice President and Chief Operating Officer of the FRBNY, where she also served as an alternate voting member of the Federal Open Market Committee. Prior to joining the FRBNY, Naureen was the chief digital officer for Morgan Stanley Wealth Management where she was responsible for the business’ digital transformation. Before Morgan Stanley, she was the executive vice president leading Investor Services strategy, segments and platforms at Charles Schwab Corporation and a member of the firm’s Executive Committee.

She also held various business transformation, strategy, and client experience leadership roles at Charles Schwab Corporation. She began her career at McKinsey & Company.

Iqbal Khan will become sole President Global Wealth Management, effective 3 October. Since joining UBS in 2019, Iqbal Khan has served as Co-President GWM together with Tom Naratil.

Group Chief Executive Officer Ralph Hamers commented:

“I am delighted to welcome Naureen Hassan to UBS as President UBS Americas and to congratulate Iqbal on his expanded role as sole President Global Wealth Management. I also want to personally thank Tom for his leadership and significant contributions to UBS over the past four decades. He’s been a champion of our strategy and transformation and a vocal advocate of our diversity initiatives. I wish him all the best in his future endeavors.

Our Global Wealth Management business and our Americas region are strategically important, and both offer significant growth opportunities for us. I am confident that Naureen and Iqbal will build upon Tom’s success and continue to deliver for our clients and achieve our strategic ambitions.”