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Twitter Credit Suisse
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1.8
Iqbal Khan has been with UBS since October 1.
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Keystone
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2.8
Star banker Iqbal Khan, who switched from CS to UBS, was monitored on behalf of Credit Suisse.
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Keystone
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3.8
In 2013, Credit Suisse hired Khan as the chief financial officer for asset management. Two years later, he became head of international wealth management.
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KEYSTONE
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7.8
Urs Rohner, top CS boss, apologized to Khan for the shading.
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zvg
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8.8
Had to go because of the Khan affair: CS-COO Pierre-Olivier Bouée (left) and security chief Remo Boccali.
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Former Credit Suisse asset manager, Iqbal Khan (43), has worked on the client and employee front for the past few months during the CS shadowing affair at UBS. “After four intensive months, I am very happy to be on this stage,” says the new co-boss of UBS Asset Management when he made his first public appearance since the CS debacle at a forum for finance and business.
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“During this time, I had a thousand meetings with UBS employees and clients,” said Khan, clearly in a good mood. While his former employer Credit Suisse was targeted by the financial market regulator and the judiciary and two CS top bankers had to jump over the blade, he was confronted with the uncertainty of customers in everyday life. “In each conversation, the customers asked what they should do – should they invest or not,” Khan said in front of the audience from the financial sector.
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How Khan wins customers
He throws banker platitudes around him: “The essence of our business is people.” Passionately, “I have to tell you, the interest in sustainable investments was enormous last year.” 80 percent of the customers were interested in the topic Sustainability, 45 percent are invested accordingly.
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His speech is polished, but not lurid. He does not pretend to reinvent the wealth management business. “The old-fashioned consulting business simply has to be more efficient, convenient and productive,” he explains. That means, for example: “If the corona virus breaks out, the customer must have an assessment the next day and this must be updated at all times.” Khan is bought to win the customer.
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Great time at CS
He doesn’t want to say anything about the shadowing affair. He does not answer the question about the difference between the two big banks. “I am very happy to be at UBS because I was received very warmly,” he says. And, he had a great time at CS. He didn’t want to say more. As Khan announced weeks ago that he wanted to streamline wealth management, the question is how warm UBS employees felt in his division when he arrived – 500 jobs to be cut.
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Khan’s first public appearance coincides with the debate over a possible change of power at the top of CS this week. This was triggered by the ever new details about top manager shading of the CS, of which Khan was the most sensational case.
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