UBS plans wealth enterprise shake-up within the US, memo exhibits

ZURICH (Reuters) – UBS plans to overtake its wealth administration enterprise in the USA, splitting the operation into six divisions and focusing extra on shoppers that aren’t tremendous rich, based on an inside memo and a media report on Tuesday.

The memo, seen by Reuters and the authenticity of which was confirmed by the financial institution, displays the Swiss lender’s efforts to enhance its efficiency in the USA.

Based on the Wall Avenue Journal, which first reported the shake-up, UBS plans to commit extra assets within the U.S. to prosperous and never fairly ultra-wealthy shoppers.

Below the modifications, which will probably be efficient from Jan. 1, UBS will swap its wealth area construction from two nationwide divisions to 4 areas, along with its UBS Worldwide and Wealth Recommendation Middle arms, based on the memo.

“This new alignment will empower our area leaders by way of sooner decision-making, enhanced responsiveness to consumer wants, and higher connectivity,” the memo says.

UBS CEO Sergio Ermotti has described the USA as one of many financial institution’s key engines of progress, however mentioned in September the enterprise was not as worthwhile accurately.