UBS's French arm is planning to restructure its asset management business and is in consultation with unions over possible layoffs, as the Swiss bank continues to sharpen its focus on private banking.
Reuters reports that the Zurich-based bank's strategy to focus primarily on private banking has helped reinforce its position as the world's largest wealth manager. As part of this drive, the bank is considering shaking up its asset management unit in France.
'A reorganisation is planned for (UBS subsidiary) CCR Asset Management,' a spokeswoman for UBS France said on Monday. 'In this framework a consultation process with staff representative bodies is ongoing.'
UBS is carrying out negotiations with these bodies over a social plan - a type of redundancy programme. Such a plan is discussed with unions when a company plans to lay off more than 10 people, according to French law.
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