UBS Makes Karofsky and Khan Wealth Co-Heads in Management Shakeup
- CEO Ermotti shaking up executive team as CS merger completes
- Khan to relocate to Asia, loses sole control of wealth unit
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UBS Group AG appointed investment bank head Rob Karofsky to run its US business and jointly oversee wealth with Iqbal Khan, in a management shakeup that paves the way for a race to succeed Chief Executive Officer Sergio Ermotti.
Khan, who previously had sole charge of the key wealth unit, will now also become president of the Asia Pacific region, the Zurich based bank said in a statement Thursday. Khan will relocate to Asia later this summer, the bank said.