Reuters - UBS aiming to restructure to cut wealth management costs

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UBS is introducing a new organizational structure in its flagship wealth management business in a move which aims to cut costs by hundreds of millions of dollars, according to a memo seen by Reuters.

The news agency reports that at a time of increased regulatory costs, negative interest rates and restrained client activity all banks are under pressure to cut costs.

"Reducing complexity will lead to some delayering and reductions in personnel, predominately in non-client facing areas, and decreasing our cost run rate by hundreds of millions," wealth management head Juerg Zeltner told staff in a memo on Tuesday.

"The new structure will come into effect on 1 July 2016 and I want to create clarity as fast as possible."

UBS confirmed the contents of the memo, which did not give details of planned job cuts.

To access the complete Reuters article hit the link below:

UBS to slash costs in wealth management rejig: memo

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