UBS in Hiring Freeze

UBS, Cutting Costs

UBS, Cutting Costs

UBS is said to have imposed a partial hiring freeze in part of its wealth management business. At the same time the bank will soon announce the appointment of a financial industry heavyweight as vice president.

Zurich based UBS, the world’s largest wealth manager, according to a report by news agency Bloomberg, has imposed a partial hiring freeze at its wealth-management business as part of efforts to trim costs.

The constraints are believed to relate to support functions, and not client advisers.

Doyen of the City

Meanwhile the Swiss banking giant has created a tailor-made position for the former chairman of the London Stock Exchange, Chris Gibson-Smith.

As reported by the «Financial Times» (paywall), UBS will announce the appointment of the financial industry heavyweight as Vice President of its corporate client solutions (CCS) division in Europe. This is essentially a part-time advisory role, specifically created by the Swiss bank for the 70-year-old doyen of the City.

UBS is scheduled to report second-quarter earnings on July 29.

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