Many professionals across different managerial levels at the global wealth management (GWM) arm of UBS have had their jobs cut.
Reports by newswire Bloomberg mention a reduction of around 20% of staff in some European teams and within the management layers in the Asian business.
People familiar with the matter told the newswire the move is likely to impact approximately 500 employees.
International Adviser reached out to UBS, but the firm declined to comment on the matter, despite denying rumours about any job losses last week.
Part of the bigger plan
The GWM business is already undergoing a significant restructuring process with its Emea arm being split into three distinct regional operations.
The moves aim to bring clients closer to the firm’s top decision-makers, as UBS wants its staff to spend more time with their customers.
This will be achieved, UBS said, by increased co-operation between the GWM and investment bank units.
Both the restructuring and job cuts have been attributed to the co-heads of GWM; Iqbal Khan, who joined the company from Credit Suisse in August 2019, and Tom Naratil.
According to Bloomberg, the duo is trying to rein is costs and speed up decision-making processes after UBS Group chief executive Sergio Ermotti gave them a 60-day deadline to come up with a plan to turn the GWM unit around.
