11:55 AM EST, 12/10/2024 (MT Newswires) -- (Updates with additional details in the second and the third paragraphs.)

UBS Group ( UBS ) is restructuring its US wealth-management business to serve affluent clients in addition to ultra-high net worth clients, the Wall Street Journal reported Tuesday, citing an email to staff.

The US wealth business will reportedly be divided into six units, with four divisions focusing on regional centers serving the wealthiest clients, including those with over $50 million, $5 million, or $500,000 in assets.

Another unit will handle international clients, while the UBS Wealth Advice Center will manage lower-level accounts through call centers, online platforms, and virtual meetings, according to the report.

UBS did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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