trending Market Intelligence /marketintelligence/en/news-insights/trending/Zsikjh-FUll6O-leJdrFmg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Report: UBS to cut hundreds of jobs in wealth management biz

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Report: UBS to cut hundreds of jobs in wealth management biz

UBS GroupAG will cut hundreds of jobs as part of plans to save severalhundred million Swiss francs a year by combining the back- and middle-officefunctions of its wealth management business, the Financial Times reported April 28, citing three people familiarwith the matter.

The plan — which will likely be announced on May 3, alongwith UBS' first-quarter results — is not linked to the division's recent weak performancebut an attempt to take advantage of a strategic opportunity, the sources said.

The restructuring of the wealth management business willreportedly involve the implementation of common IT systems and shared supportfunctions across global offices in over 50 countries. In the longrun, some back- and middle-office functions may also be shared between UBS'smain wealth management division and Wealth Management Americas, the FT said. It added that the two unitscould also use their combined strength to negotiate with third parties,although there are no plans for them to merge their operations.

With UBS' top executives increasingly focusing on savingcosts, other divisions are also looking to reduce staff, with the investmentbank letting a higher-than-usual number of employees go in its yearly cull, theFT said.