UBS Announces Global Wealth Management Reorganization

UBS is undergoing significant restructuring in its global wealth management division, consolidating various units under a new entity called GWM Solutions, led by co-heads Iqbal Khan and Rob Karofsky. This move aims to align wealth management more closely with the bank's investment services and enhance offerings for ultra-rich clients. Additionally, UBS has appointed Michael Camacho from JPMorgan to revamp its underperforming U.S. wealth management business, signaling a strategic shift to boost profitability and asset growth in the American market.