Notes from Dr. Borkosky

The discussion got heated. What did Khan want? What did he say about those trees? Less than two months ago, he took a massive gamble.Today, that paid off. Credit Suisse told prosecutors that it had ordered Khan followed, according to Swiss weekly «Sonntagszeitung,» citing sources (in German, behind paywall). Iqbal Khan will join UBS and succeed Martin Blessing as Co-President Global Wealth Management, alongside Tom Naratil. Zurich, 29 August 2019 – Following more than ten successful years in the Group Executive Board of UBS, Ulrich Koerner has decided to step down from his current roles as President Asset Management and President UBS Europe, Middle East and Africa. At a party in January at Mr. Thiam’s home, Mr. Khan spoke with Mr. Thiam’s girlfriend about some trees on the Thiam property. At the heart of Credit Suisse’s Keystone Kops surveillance of former wealth-management chief Iqbal Khan (and thus of the “temporary arrests” it led to) is Khan’s decision to leave the bank for the same job at a larger bank across town, UBS. You can find more information under the Privacy Statement. He will remain with UBS to ensure a smooth transition until 31 December 2019. All changes are effective 1 October 2019. At the heart of that broken relationship is a tale of ambition, and also apparently foliage. The executive reportedly feared that Khan would try to encourage Credit Suisse colleagues to join him at UBS. This morning, UBS announced that Khan is … The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. A broad-daylight skirmish underscores the heightened tensions around his defection to UBS. Suni Harford and Iqbal Khan to join Group Executive Board of UBS, UBS E-banking and online services Switzerland. ‘Cuz that’s the only thing Credit Suisse is failing at these days. This brought UBS Asset Management back on a sustainable growth path driven by significantly improved investment performance. Khan will take virtually the same job at UBS as he had at Credit Suisse, but add the Asian wealth arm to a remit he will share with co-head Tom Naratil. Then He Caught the Bank’s Spy. Surprise! Sabine Keller-Busse will succeed Koerner as President UBS Europe, Middle East and Africa in addition to her current role as Group Chief Operating Officer (COO). It is unclear who at Credit Suisse allegedly ordered Khan to be followed; Swiss weekly tabloid «Sonntagsblick» (in German) reported it was Credit Suisse's head of security. He Quit Credit Suisse. Over the next three years, he increased revenues from SFr1bn to SFr1.8bn, according to Andreas Venditti, a Vontobel analyst. And uncover whether its PIs thought Iqbal Khan’s kids were Credit Suisse employees about to jump ship. Both of them bring strong leadership and people skills along with a track record of successful execution. Former investment banker Marco Illy was forced out of a job at UBS last year after allegedly taking a client call before he had officially moved, as finews.com exclusively reported. While bankers move between the wealth giants almost daily, Khan isn't being held to his notice or a traditional cooling-off period. I also want to thank Martin for his leadership and contribution to our Swiss and Global Wealth Management businesses as well as the firm. Investigo’s brief was to follow Mr. Khan and take photos of anyone he met, while keeping his distance and operating lawfully, according to a statement Investigo gave to Credit Suisse and Swiss authorities…. The star wealth manager reportedly scrapped with three men employed as a private security detail in Zurich last week, according to several media reports including in «Bloomberg», citing sources. A broad-daylight skirmish underscores the heightened tensions around his defection to UBS. Then 43-year-old's move from Credit Suisse to UBS next month is without precedent in recent history.

It’s unlikely next week’s internal report will get into that matter—although Credit Suisse should keep in mind just how ugly arboreal disputes can get among the well-heeled and over-entitled. The bank's Paradeplatz headquarters, which has repeatedly been target by environmental activists, have enjoyed a noticeably heavier private security presence since 2015, when Tidjane Thiam took over as CEO. "Iqbal really caught his eye," says a credit manager at Credit Suisse. It underscores what is at stake for the two, particularly in the flagship wealth arm. At the age of 40, Khan was promoted to head a new department for international wealth management. During her time at UBS she has successfully led Asset Management's integrated Investments capabilities, driving performance for its clients. All rights reserved. After successfully managing the UBS franchise in Switzerland and then positioning the new Global Wealth Management business for the future, Martin Blessing has decided to step down from his current role. UBS' Private Bank Looks to Old-School Over Digital, Khan-Scandal: Credit Suisse Appeals to Highest Court, Charges Filed Against Fallen Swiss Banker, Staff Association Demands Corona-Bonus for Bankers, Julius Baer Eyes Return to Major Dealmaking, Thorsten Pauli: «We Won't See a March 2.0», Peter Hody: «Sergio Ermotti Anoints an Heir», Tidjane Thiam Settles Bust-Up at Credit Suisse, Bitcoin Suisse Maps Next Steps to Listing, Bitcoin Suisse Eyes Unicorn Status After Funding. Martin Blessing and Ulrich Koerner to step down Khan is moving to rival bank UBS to be co-head of wealth management. Does Hong Kong’s Peg Break the National Security Law? Adrian Michael [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0/)]. Prior to that he was with Ernst & Young, Switzerland, in various positions including Managing Partner Assurance and Advisory Services − Financial Services. As Group Chief Operating Officer from 2009 to 2013, he was instrumental in designing and implementing the transformation of UBS's operating model, establishing a global service and control organization which unlocked significant synergies for the firm. Harford joined UBS following a 24-year career at Citigroup Inc., the last nine of which she was the Regional Head of Markets for North America. She is a strong leader with an excellent track record and broad experience across the industry, including research, client coverage and risk management. Twice a week e-mail alerts from finews.com. They are great additions to the team and will help us drive sustainable growth and profitability for UBS. FILE PHOTO: Iqbal Khan, former CEO International Wealth Management of Swiss bank Credit Suisse attends the company's annual shareholder meeting in Zurich, Switzerland April 26, 2019. The bank misspoke when it said the surveillance was isolated, but on that point only. Still, it’s probably gonna be worth reading, since heads (probably not Tidjane Thiam’s) may roll. VP Bank's Paul Arni: «We Want to Expand Our Regional Network», Ralph Hamers' First Task: Expansion to Qatar, UBS, Swiss Boutique Team for Wealth Offering, Efi Pylarinou: «They've Dated – But in Secret», Reto Savoia: «Banks Still Have It Too Good», Michael Bornhaeusser: «Wall Street's Latest Hype», Julius Baer's Chairman Snags Prestigious Job, Credit Suisse Taps Trading Vet in Lending Revamp, U.S. Fintech Hires Ex-Deutsche Swiss Boss, Ex-Credit Suisse Banker Takes New Role at Quintet, Stefan Gerlach: «The Temperature Is Not the Same in All Parts of Hell», Herbert Chow: «In the Past, It Was Safe to Speak Freely», Adriano Lucatelli: «Picked on Bitcoin, But Meant Investors», Marco Pagliara: «Some Decisions Were Questionable», Lionel Aeschlimann: «Mirabaud Played by the Rules», Wolfram Kuoni: «Union Bank's Wounds Were Self-Inflicted», Fraumuensterstrasse in Zurich, site of the reported melee (Image: Wikicommons). He isn't the first to be on the receiving end of what numerous insiders describe as a heightened sense of paranoia at Credit Suisse.

Tidjane Thiam’s been cleared by his bank’s probe into some Big Lebowski-esque private investigating. The skirmish last week capped an alleged pursuit of Khan which ended near Zurich's Metropol, a tony restaurant favored by bankers across the street from Switzerland's central bank. UBS said last month that it had appointed Khan to co-head its flagship wealth management business starting on Oct. 1 as part of a broader shake-up of its executive board. And I'm looking forward to having Suni and Iqbal join the Group Executive Board. Then He Caught the Bank’s Spy [WSJ]. The skirmish between Iqbal Khan and the three-man detail broke out after the banker confronted a car he believed to be following his vehicle. Harford joined UBS in 2017 in her current role as Head of Investments for UBS Asset Management. At the heart of that decision is the deteriorating relationship between Khan and … A spokesman for the bank didn't comment to finews.com.. Prior to UBS, she led Credit Suisse's Private Clients business for region Zurich and also advised financial services firms across Europe as a McKinsey & Company partner. © UBS 1998 - 2020. There’s something about him that just makes Swiss people uncomfortable, not that we have any idea what…. A close lieutenant of Mr. Thiam, chief operating officer Pierre-Olivier Bouée, hired a Zurich security agency, Investigo GmbH, according to a person familiar with the mandate. Shaken, Mr. Khan called Credit Suisse security. He will remain with UBS as senior advisor to the Group CEO until at least 31 March 2020 to support the Group with several ongoing key initiatives.

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