UBS Group AG announces changes to Group Executive Board which are subject to final regulatory approval and effective July 1, 2024 except where otherwise noted. Iqbal Khan will assume the role of President UBS Asia-Pacific, effective 1 September 2024, and become Co-President GWM. He will relocate to Asia later this summer together with his family.

This is the first time that a divisional President will be based in Asia-Pacific. Rob Karofsky will become President UBS Americas and Co-President GWM after having successfully led the UBS Investment Bank as Co-President since 2018 and as President since 2021. Iqbal and Rob will jointly manage GWM across all regions to ensure an unparalleled global offering for wealth management client franchise.

In addition, in their new regional roles, Iqbal and Rob will further leverage the capabilities of the integrated firm across all business divisions. George Athanasopoulos and Marco Valla will join the GEB as Co-Presidents of the Investment Bank. With more than 30 years in investment banking, both bring a wealth of experience.

George joined UBS in 2010 and held various senior roles across the Investment Bank including Co-Head Global Markets since 2020. In addition, he has been Head Global Family and Institutional Wealth since 2022 where he has leveraged the key strengths across UBS?s investment banking and wealth management capabilities. Marco, who joined the firm in 2023 as Co-Head of Global Banking, has held increasingly senior managerial roles and advised on approximately 300 completed transactions across various industries.

Damian Vogel will be appointed Group Chief Risk Officer and become a member of the GEB, succeeding Christian Bluhm, who agreed to delay his retirement last year to support the firm in the first phase of the integration. Since joining UBS in 2010, Damian has held various risk-related leadership roles across GWM, Personal & Corporate Banking and region Switzerland before being appointed Chief Risk Officer for Credit Suisse and Group Risk Control Head of Integration in 2023. Christian will remain with the firm in an advisory capacity.

Ulrich Körner, CEO of Credit Suisse AG, will step down from the GEB at the end of June following the merger of the parent banks UBS AG and Credit Suisse AG. He will retire from UBS later this year. Edmund Koh, President UBS Asia-Pacific, will step-down from the GEB effective 1 September 2024.

He will remain at UBS as Regional Chair Asia-Pacific, continuing to support clients and businesses in the region. Naureen Hassan, Regional President UBS Americas, has decided to retire from UBS, effective 1 July 2024. Since joining the firm in 2022, Naureen has played an instrumental role in positioning business for growth, including preparation for the transition to a single US Intermediate Holding Company.