FT - UBS said plans to merge parts of back and middle-office functions, jobs to go

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UBS is planning to merge large parts of the back and middle-office functions in its wealth management business, in a move that will save the Swiss group several hundred million francs a year and will result in hundreds of job cuts in its initial stage.

The Financial Times reports that three people familiar with the plans told the Financial Times that an announcement on the restructuring of the world’s biggest wealth manager was likely to be made next Tuesday, when UBS releases its first-quarter results.

The bank may also use the results announcement to tell investors about a new approach to cost-cutting across the group, which is designed to end the “dysfunctional” status quo of business divisions and the company’s corporate centre battling each other on savings.

Wealth management, the mainstay of UBS since its 2012 restructuring, has been a choppy business of late, with the bank reporting a sharp fall in profits in the three months to December as market volatility and fears for global growth tamed the risk appetites of the rich.

Hit the link below to access the complete Financial Times article:

UBS to revamp wealth management business to cut costs

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