10:29 AM EDT, 05/16/2024 (MT Newswires) -- (Updates with details throughout.)

UBS (UBS) is contemplating a plan to elevate Investment Bank President Robert Karofsky to lead its entire US business, Bloomberg News reported Thursday, citing people familiar with the matter.

The move would see Karofsky assume responsibility for the key wealth management business in the US, in addition to the US investment bank while allowing Global Wealth Management President Iqbal Khan to focus on markets in Asia and the Middle East, according to the report.

A spokesman for UBS declined to comment, while Karofsky and Khan didn't respond to requests for comments, Bloomberg reported.

UBS didn't immediately respond to MT Newswires' request for comment.

The company's shares were down 1.3% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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