UBS Wealth Management Starts Job Cull
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A new organizational structure, intended to speed up decision making, is being introduced in Asia, with other regions to follow.
UBS has begun cutting jobs at its wealth management unit in Europe and Asia, with as much as 20 percent of its workforce in European regions and management layers in Asia affected.
The round of cuts will affect about 500 employees, with cuts affecting staff at every level, from managing directors to assistants, according to people familiar with the matter. However, staff in the U.S. and Switzerland are less likely to be affected by the cuts, the report said.
In December, UBS announced it would dismantle its ultra-high net worth business, the first major move under new private bank co-head Iqbal Khan, who joined from Credit Suisse in September 2019.
Earlier in January, it said it would be restructuring its private bank and break up its European, Middle East, and African wealth business into three regions to speed up local decision making.
Questions & Answers
Q.Which regions are most likely to experience job cuts at UBS Wealth Management?
Which regions are most likely to experience job cuts at UBS Wealth Management?
The current round of job cuts affects employees in Europe and Asia. Staff in the U.S. And Switzerland are less likely to be impacted by these changes at the wealth management unit.
Q.How many employees are expected to lose their jobs during this restructuring?
How many employees are expected to lose their jobs during this restructuring?
Approximately 500 employees are expected to be affected by this round of job cuts. Staff at every level, from managing directors to assistants, are included in the reductions.
Q.What is the primary reason behind UBS introducing a new organisational structure?
What is the primary reason behind UBS introducing a new organisational structure?
The new organisational structure is intended to speed up decision-making processes within the company. This change is being introduced first in Asia, with other regions expected to follow.
Q.When did UBS announce the dismantling of its ultra-high net worth business?
When did UBS announce the dismantling of its ultra-high net worth business?
UBS announced its intention to dismantle its ultra-high net worth business in December. This was the first major move initiated under the new private bank co-head, Iqbal Khan, who joined in September 2019.
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