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UBS making job cuts at every level at wealth management unit in Europe, Asia

UBS Group AG is making job cuts at every level at its global wealth management unit in Europe and Asia, which will likely impact about 500 employees, Bloomberg News reported, citing sources.

The news comes as the banking group reported plans to split its wealth management business in Europe, the Middle East and Africa into three as part of the restructuring of its private business.

The Swiss bank, which has reportedly cut 20% of its workforce in some European teams, is making changes in Asia to improve clients' access to key decision makers, sources said.

The company's operations in the U.S. and Switzerland are likely to take less of the brunt of the restructuring at the wealth management division, according to the report.

The lender's co-head of wealth management, Iqbal Khan, is also working on other changes at the business, Bloomberg said. The bank intends to expand credit to wealthy clients, amid plans to obtain $20 billion to $30 billion in net new loans per year, the report said.