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UBS plans wealth business shake-up in the US, memo shows
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UBS plans wealth business shake-up in the US, memo shows
Dec 10, 2024 11:01 AM

ZURICH, Dec 10 (Reuters) - UBS plans to

overhaul its wealth management business in the United States,

splitting the operation into six divisions and focusing more on

clients that are not super wealthy, according to an internal

memo and a media report on Tuesday.

The memo, seen by Reuters and the authenticity of which was

confirmed by the bank, reflects the Swiss lender's efforts to

improve its performance in the United States.

According to the Wall Street Journal, which first reported

the shake-up, UBS plans to devote more resources in the U.S. to

affluent and not quite ultra-wealthy clients.

Under the changes, which will be effective from Jan. 1, UBS

will switch its wealth field structure from two national

divisions to four regions, in addition to its UBS International

and Wealth Advice Center arms, according to the memo.

"This new alignment will empower our field leaders through

faster decision-making, enhanced responsiveness to client needs,

and greater connectivity," the memo says.

UBS CEO Sergio Ermotti has described the United States as

one of the bank's key engines of growth, but said in September

the business was not as profitable as it should be.

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