Tom Naratil
Thomas C. Naratil | |
|---|---|
| Born | 1961 United States |
| Occupation | Financial services executive |
| Years active | 1983–present |
| Known for | CEO of UBS Americas Holding LLC; co-president of Global Wealth Management at UBS Group AG and UBS AG |
Thomas C. Naratil (born 1961) is a prominent American executive within the financial services sector. Beginning in early 2016, he held the presidency of both UBS Wealth Management Americas and UBS Americas. By early 2018, Naratil advanced to become CEO of UBS Americas Holding LLC as well as co-president of Global Wealth Management at UBS Group AG and UBS AG.
Naratil’s career in finance commenced in 1983 at the brokerage firm Paine Webber Jackson & Curtis. Following UBS’s acquisition of PaineWebber in 2000, he progressed through multiple senior leadership roles, including serving as chief financial officer (CFO) and chief operating officer (COO) between 2014 and 2015. In 2016, he took over from Robert McCann as president of UBS Wealth Management Americas and UBS Americas. During his tenure, UBS underwent restructuring efforts that involved scaling back recruitment of US advisors and management tiers while simultaneously enhancing advisor compensation.
He holds board memberships with the American Swiss Foundation and Villanova University’s College of Nursing, in addition to having served on the Clearing House Supervisory Board.
Early life and education
Born in 1961 in the United States, Thomas C. Naratil earned a Bachelor of Arts degree in history from Yale University in 1983. He pursued further education by obtaining an MBA specializing in economics from the New York University Stern School of Business in 1990. Additionally, Naratil completed six years of service in the United States Army Reserve.
1983-2008: UBS PaineWebber
Naratil began his professional journey in July 1983 when he joined the American brokerage firm Paine Webber Jackson & Curtis through its corporate internship program. By January 1985, he advanced to a trading assistant position within the taxed fixed income (TFI) division, eventually overseeing risk management, origination, sales, and marketing functions. Between 1987 and 1993, he co-managed the TFI government and federal agency trading desk. In 1994, he was promoted to director of TFI at PaineWebber.
Following UBS’s acquisition of PaineWebber in 2000—which led to the rebranding as UBS PaineWebber in 2001—Naratil was appointed director of the investment products group. By 2002, he assumed responsibility as director of transactions products and banking solutions. The entity was renamed UBS Wealth Management USA in 2003.
In 2005, Naratil was elevated to global head of market strategy and development at UBS, where he supervised sales, marketing, and trading activities related to taxable debt, convertible securities, and preferred stock. By 2007, his role expanded to global head of marketing, segment, and client development. During the 2008 financial crisis, he led UBS’s Auction Rate Securities Solutions Group.
2009-2015: UBS CFO and COO
In 2009, Naratil took on dual roles as chief financial officer (CFO) and chief risk officer (CRO) for UBS Wealth Management Americas until 2011. Subsequently, in May 2011, he was appointed global CFO of UBS and joined its Group Executive Board based in Zurich, succeeding John Cryan. Starting January 1, 2014, Naratil additionally assumed the position of chief operating officer (COO), maintaining both CFO and COO responsibilities through the conclusion of 2015.
Appointment
On January 1, 2016, Naratil took over from Robert McCann as president of UBS Wealth Management Americas and UBS Americas, with the objective of driving the brokerage’s annual profits beyond the $1 billion mark. The Wall Street Journal highlighted his emphasis on catering to clients possessing multi-million dollar investment portfolios. By May 2016, Naratil had established a partnership with fintech company SigFig to create digital tools aimed at enhancing the capabilities of UBS financial advisors.
Wealth Management Americas re-organization
In June 2016, Naratil implemented a restructuring of UBS’s wealth management operations in the United States to decentralize authority, granting 208 regional managers autonomy over their team compositions, marketing budgets, and pricing strategies. The recruitment of advisors in the US was reduced by 40% annually, accompanied by a downsizing of management personnel—cutting 20% of managing directors and 10% of executive directors at the headquarters. The resulting cost savings were redirected to establish a dedicated group of specialists in lending and technology to assist local advisors. Additionally, he streamlined the compensation framework starting in 2017, preserving base salaries while boosting rewards for high achievers, collaboration, new client acquisition, and internal client portfolio transfers upon retirement. This model prompted competitors such as Merrill Lynch and Morgan Stanley to adjust their hiring and compensation policies in 2017.
2018-present: co-president of Global Wealth Management of UBS Group AG and UBS AG and CEO of UBS Americas Holding LLC
In January 2018, Naratil was named CEO of UBS Americas Holding LLC. The following month, he was appointed co-president of Global Wealth Management at both UBS Group AG and UBS AG alongside Martin Blessing. On October 1, 2019, Iqbal Khan replaced Blessing as Naratil’s co-president.
During a March 2020 interview with Bloomberg, Naratil emphasized that throughout the COVID-19 pandemic, banks served as pillars of stability rather than sources of difficulty, contrasting with their role during the 2008 financial crisis.
Memberships and directorships
Naratil holds positions on multiple corporate and charitable boards, including the American Swiss Foundation and Villanova University’s College of Nursing board of consultors. He has also previously been a member of Villanova's Clearing House Supervisory Board.
Writing and public speaking
Naratil has authored articles on financial matters for outlets such as Business Insider and The Hill. His insights have been featured in interviews with media organizations including CNBC, Fox Business, Reuters, and Bloomberg TV.
Personal life
Naratil resides in New Jersey with his wife Wendy and their five children, three of whom are employed within the financial sector. In 2013, the Naratils endowed Yale University to establish the Wendy U. and Thomas C. Naratil Pioneer Award, which funds pioneering research aimed at advancing women’s health in areas facing critical funding shortages.