UBS's private banking head hit back against a shareholder's call to hive off the investment bank, saying the units work together to serve wealthy private clients.
UBS, which last year said it will let 10,000 staff go as it largely withdraws from fixed income, had not responded publicly in detail.
'We take them seriously', UBS private banking head Juerg Zeltner said of the Knight Vinke campaign. But Zeltner repeated that the Swiss bank aims to align the wealth business more closely with the securities unit.
In the meantime, Bloomberg reports that UBS O’Connor LLC, the $5.7bn hedge-fund unit within the biggest Swiss bank, is cutting 16 of 46 positions at an equity fund and plans to triple a corporate credit fund’s workforce, a person familiar with the plans said.
The cuts to the fundamental long-short team mostly affect employees in the U.S., said the person, who asked not to be identified because the details aren’t public.
O’Connor, which employs about 80 people globally across all of its funds, also seeks to expand the five-person corporate credit relative value team to 15 people, the person said.