UBS is scaling back corporate advisory and investment banking services for ultra-rich clients in some key emerging market countries to reduce overlaps with other departments, three sources familiar with the plan said.
Reuters reports that the bank's Corporate Advisory Group (CAG) offers services such as advice on mergers and acquisitions (M&A) and initial public offerings (IPOs), financing options and structured equity products to ultra-high-net-worth individuals and entrepreneurs who were the bank's wealth management customers.
Ultra-high-net-worth individuals typically have investable assets of at least $25m.
The sources said most of the CAG restructuring would take place in emerging markets such as the Middle East, Africa, Turkey and Asia, but did not provide a figure on how many jobs would be eliminated in the move.
'There were overlaps with the normal investment banking operations and it wasn't clear what the CAG staff were doing in certain geographies where there were good investment bankers to execute transactions', one of the sources said.
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