Bloomberg - UBS said laying off dozens of staff as revamp of division begins

Axe In Tree Stump

Beginning to cut costs in this division.

Bloomberg News reports that UBS is laying off dozens of staff at its wealth-management division as it revamps the unit’s leadership team, according to people briefed on the matter.

Stephen Freedman, who was appointed last year as head of sustainable investing solutions at the U.S. wealth-management division, was among the cuts, said the people, who asked not to be identified discussing personnel matters. Michael McVicker, who was named Thursday to lead the advisory business within the investment platforms and solutions unit, will continue to lead the sustainable investing efforts, according to a memo the bank sent to staff.

CEO Sergio Ermotti said this week that UBS has begun to cut costs in wealth management following the merger of the U.S. and international division into one super-unit that manages about $2.4 trillion. Martin Blessing and Tom Naratil were tapped to run the global division.

Hit the link below to access the complete Bloomberg News article:

UBS Is Cutting Dozens of Staff in Wealth-Management Revamp

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