Tom Naratil Departs from President UBS Americas, Succeeded by Naureen Hassan

(Source: LinkedIn)

UBS announced yesterday the resignation of Tom Naratil from Co-President Global Wealth Management and President UBS Americas, with effect from 3 October 2022. Tom has spent 39 years at the group, and he has been a member of the UBS Group Executive Board for the past 11 years. Over the next few months, Tom will ensure a smooth transition of both his roles.

Tom has held multiple senior roles across UBS. He was appointed Group Chief Financial Officer in 2011 then Group Chief Operating Officer in 2014. In 2018, he became Co-President Global Wealth Management (GWM) and, together with Co-President GWM Iqbal Khan, reinforced the wealth management franchise.

Naureen Hassan will join UBS to take over the role of President UBS Americas from Tom. Also, she will become CEO of UBS Americas Holding LLC., and serve as a member of UBS’s Group Executive Board on 3 October 2022. She will be tasked with leading the firm’s strategic growth and digital initiatives in the Americas region, including the transformation of the firm’s Wealth Management Americas Platform, expansion of digitally customized banking services, implementation of the Wealthfront acquisition upon closure, and the launch of UBS Circle One in the region.

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Most recently, Naureen was First Vice President and Chief Operating Officer of the Federal Reserve Bank of New York (FRBNY). Prior to this, she served Morgan Stanley Wealth Management as Chief Digital Officer. Previously, she held the position of executive vice president at Charles Schwab Corporation, with remits of leading Investor Services strategy, segments and platforms. She began her career at McKinsey & Company.

In addition, Iqbal Khan will take on the role of sole President Global Wealth Management, effective 3 October.

Group Chief Executive Officer Ralph Hamers stated: “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.”