June 14, 2024
UBS Considering US CEO Role for Karofsky in Strategic Revamp

UBS Group AG is discussing plans to elevate investment bank chief Rob Karofsky to lead its entire US business, as the Swiss lender focuses on expanding in the world’s largest wealth market, people familiar with the matter said.

The shake-up, the details of which have not yet been finalized, would see Karofsky, 57, take responsibility for the key wealth management business in the country, in addition to the US investment bank, said the people, who asked not to be named discussing private details. The move would enable global wealth head Iqbal Khan, 48, to focus on fast-growing markets in Asia and the Middle East.

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