Swiss banking group UBS intends to reorganise its UHNW business, marking the first restructure under its new global wealth management co-head Iqbal Khan.

Khan moved to UBS this October from Credit Suisse. He along with co-head Tom Naratil intend to restructure the existing UHNW business and establish a new business.

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The new business will be dedicated to wealthy customers needing investment banking services, Bloomberg reported citing people familiar with the issue.

It will be integrated with the Global Family Office, thereby increasing Global Family Office’s client base by two-fold.

The new unit is expected to be headed by Joseph Stadler, who currently leads the UHNW unit.

Meanwhile, wealthy customers, not requiring investment banking services, will be transferred into existing regional units.

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According to Bloomberg, the overhaul will enable UBS to move faster by scrapping some management layers. The bank refused to speak on the matter.

Moreover, the bank intends to offer wealth managers more autonomy in granting loans.

Recently, UBS made several changes in its wealth management business.

Last month, Bloomberg reported that UBS is planning to bring the less-affluent customer segment with assets between $500,000 and $5m into a new category to boost its profitability. The new model stresses more on technology while limiting support from financial advisers.

Earlier this year, UBS reportedly reduced the threshold for charging wealthy customers as negative interest rates continue in Europe. The firm now charges customers an annual fee of 0.6% for deposits of over €500,000, down from the previous threshold of €1m.

In Q3 2019, the global wealth management arm reported an adjusted pre-tax profit of $919m. This was a fall of 2% from the previous year figure.