Jul 29 2016 19504 1 UBS To Cut Managers At US Wealth Unit

Jul 29 2016 19504 1 UBS To Cut Managers At US Wealth Unit

UBS Group AG, which said last month it’s looking for ways to cut costs, is eliminating some management positions in its U.S. wealth unit and reducing the number of financial advisers recruited from competitors.

The headcount reduction will mostly hit middle and senior managers, including some at the unit’s main offices in Weehawken, New Jersey, and New York, Tom Naratil, president of wealth management for UBS in the Americas, said in an interview. UBS declined to provide a specific number of cuts. The role of regional manager also will be eliminated, with some promoted and others reassigned, the Zurich-based lender said Wednesday in an internal memo.

The Swiss bank plans to decrease by 40 percent the number of financial advisers it recruits from competitors and how much it spends on those efforts starting this month, Naratil said. UBS declined to give current recruiting figures. The bank scooped updozens of advisers last year when Credit Suisse Group AG exited U.S. wealth management.

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Dated: July 29th 2016
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