UBS wealth unit sees senior banker departures in Middle East

UBS has lost several senior wealth management bankers in the Middle East, less than two years after hiring them.

Among those departing the Swiss bank are Rana Al Emam and Ali Khunji, who joined UBS from HSBC Holdings in 2024 to expand the bank’s wealth business in Abu Dhabi, Bahrain, and Saudi Arabia.

Al Emam moved to Banco Santander, while Khunji joined J. Safra Sarasin earlier this year, Bloomberg reports.

The moves are a visible indicator of the intense competition for talent in regional wealth management, though some firms have been recently scaling back since the war with Iran started.