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UBS plans wealth business shake-up in the US, memo shows

UBS plans to overhaul its wealth management business in the United States, splitting the operation into six divisions and focusing more on clients that are not super wealthy, according to an internal memo and a media report on Tuesday.
UBS Group AG is planning a significant restructuring of its wealth management business in the U.S., according to an internal memo seen by Reuters. The Swiss bank aims to integrate its U.S. wealth management operations with its global wealth management division, which includes merging teams and potentially reducing staff to streamline operations. This move is part of UBS's broader strategy to enhance its wealth management offerings and improve efficiency following its acquisition of Credit Suisse. The memo outlines that these changes will help in aligning the U.S. operations with the bank's global standards, focusing on client-centric services, and leveraging technology for better service delivery. The restructuring is expected to be completed by the end of 2024, with some staff potentially being reassigned or let go as part of the integration process.

Read the Full Reuters Article at:
https://www.reuters.com/business/finance/ubs-plans-wealth-business-shake-up-us-memo-shows-2024-12-10/

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