Former CFO Naratil Is In Talks With Ubs About A Possible Return

Several sources with knowledge of the matter have confirmed that former UBS Group AG executive Tom Naratil and chief executive officer Sergio Ermotti have been in contact about returning to the bank. This is part of a wider outreach program by Ermotti, sources have confirmed.

‍

It has been reported that Ermotti has been in touch with a small number of high-profile former UBS bankers, asking them to be careful not to identify themselves because the matter is confidential. Naratil, who left the bank just six months ago, is currently undergoing a search for a new position. It is unclear what role is currently being discussed. He served as Chief Financial Officer and Head of Wealth Management at the firm for almost four decades.

‍

The bank brought Ermotti back to oversee its historic acquisition of Credit Suisse Group AG after its rival almost collapsed earlier this month. As part of the integration process, UBS has already tapped Oliver Wyman, the former UBS adviser who left the Swiss bank under former CEO Ralph Hamers, to help. Ermotti has already reconnected with van Steenis, the firm's vice chair.

‍

Naratil was not immediately available to comment. A representative for UBS declined to comment. 

‍

In order to assist Ermotti in integrating Credit Suisse, a company that had material weaknesses in its financial reports as well as a money-losing investment bank, Ermotti may enlist longtime allies who have experience in investment banking and finance. In the meantime, UBS' chief financial officer Sarah Youngwood has only been in the role for a little over a year after being appointed by Hamers, and Rob Karofsky is an investment banker with more trading experience than dealmaking expertise.

‍

It was decided in February 2021 that Karofsky would lead UBS's investment banking unit as the sole boss after co-president Piero Novelli accepted a position as chairman of Euronext NV, resulting in a promotion for the top trader. Hamers had the goal of driving a digital transformation of the UBS markets unit when he joined UBS in 2014, and he helped drive that transformation. 

‍

Aside from serving as UBS's CFO during Ermotti's first term, Naratil was also the chief risk officer of wealth management in the Americas, a role he held for several years. Through that period, Naratil also acted as joint head of the key wealth unit and president of UBS's business in the Americas. 

‍

Naureen Hassan, who is taking over from Naratil as it becomes president of UBS Americas and chief executive officer of UBS Americas Holding LLC, has been named to succeed him as the head of the global wealth-management business at UBS. Khan is the sole head of UBS' global wealth-management business.

‍

As a result of a string of scandals, losses, and client outflows, Credit Suisse lost investor, client and other bank confidence after a string of scandals, losses, and client outflows last month, and UBS decided to take over its local competitor in an emergency, government-backed rescue. Using the combination of these two major banks, there is the potential to create an asset management powerhouse whose invested assets are estimated to be approximately $5 trillion. 

‍

Following the troubles with Credit Suisse's annual report, which included problems with the company's finance function, Ermotti emphasized the importance of maintaining a strong finance function to ensure confidence and to prepare for the challenges ahead, including winding down problematic assets and possibly spinning off its Swiss domestic business, said one person.

‍

In an interview with Trade Algo, Khan revealed that he has been courting his former colleagues to stick around as his bank seeks to halt a talent exodus before the deal closes, despite his experience running Credit Suisse's wealth business for several years up until his move to UBS in 2019.