Tom Naratil to leave UBS

After working almost 40 years with UBS and its predecessor wealth management firms in the United States, Tom Naratil has decided to step down from his current roles as co-president of Global Wealth Management and president of UBS Americas, effective Oct. 3, UBS said Tuesday afternoon.

As expected, UBS is promoting Iqbal Khan to be sole president of Global Wealth Management, also effective Oct. 3. Since Khan joined UBS in 2019, he and Naratil had served as co-presidents of the unit.

Naureen Hassan will succeed Naratil as president of UBS Americas, and CEO of UBS Americas Holding, and will become a member of UBS’s Group Executive Board in October. Most recently, Hassan was first vice president and chief operating officer of the Federal Reserve Bank of New York. Prior to joining the New York Fed, Hassan was the chief digital officer for Morgan Stanley Wealth Management, where she was responsible for the business’ digital transformation.

[More: Naureen Hassan brings deep tech expertise to guide UBS digital shift]

According to Naratil's LinkedIn page, he started his career in the wealth management industry in 1983 as an intern at Paine Webber Jackson & Curtis Inc. UBS, the Swiss banking giant, bought PaineWebber in the summer of 2000, just months after the market peak and the burst of the dot.com bubble.

In 2016, Naratil took on the leadership of the firm’s Americas wealth management business and was named president of UBS Americas. In 2018, he was named co-president of Global Wealth Management.

Under Naratil's leadership, the group's pretax profit in the Americas region more than doubled, to $2 billion, according to the company.