UBS to Cut Jobs at Wealth Management

Juerg Zeltner, UBS Wealth Management

Juerg Zeltner, UBS Wealth Management

UBS wants to reorganize its wealth-management business, the most important operative pillar. Job cuts and management changes are part of the plan.

UBS aims to cut costs at Wealth Management by several hundred million francs. The announcement was part of an internal memo sent to the staff by Juerg Zeltner, head of the unit, according to a report by «Reuters».

The new structure will lead to more efficiency and a reduction of the headcount, the news organization said. The reorganization will combine various wealth-management back office functions into one centralized unit.

Even before today's quarterly report, insiders said the bank wanted to cut job at the wealth-management business.

Back Offices Reductions

«Reducing complexity will lead to some delayering and reductions in personnel, predominately in non-client facing areas, and decreasing our cost run rate by hundreds of millions,» Zeltner told his staff in the memo today. «The new structure will come into effect on July 1st 2016 and I want to create clarity as fast as possible.»

UBS confirmed the content of the memo without specifying how many jobs it planned to cut.

Apart from the changes affecting the back offices, UBS will also merge the wealth-management unit of Europe and Emerging Markets. The new unit will be managed by Paul Raphael, the head of the Emerging Markets unit.

Jakob Stott, head of wealth management in Europe, will assume the role of chairman Wealth Management Europe. He will also be deputy chairman of a unit focussing on global key customers.

 

WEB'S BEST

Top stories from across the globe

  • Singapore Stresses Under a Wealth of Worries
  • A Short History of Investing in Gold – and What to Expect for 2017
  • Asia Pacific's Top Six Credit Risks For 2017
  • The 5 Most Shocking News in 2016
  • Hazel Moore: Banks Are Completely Wasting Valuable Customer Data
  • Morgan Stanley CEO Makes First-Ever Stock Sales After Bank Rally
More

PHOTO GALLERIES

finews.asia Networking Event

finews.asia Networking Event

Show pictures

stars China Symposium 2016

stars China Symposium 2016

Show pictures

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary

Newsletter

Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with finews.asia – email us on info@finews.asia – All communication is completely confidential and strictly anonymous.