UBS Group is laying off dozens of staff at its wealth management division as it reshuffles some executives, 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.
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Wirehouse policy changes are bearing fruit and leaving advisor career options in flux.
July 18 -
The hiring plans coincide with the firm's rollout of its digital advice offering, UBS Advice Advantage, which is offered through its call center.
April 17 -
Strengthened legal language recently added to bonus agreements will be removed, according to people familiar with the matter.
February 23 -
The firm is the latest to adopt new technologies into the client-advisor relationship.
February 28
Chief Executive Officer Sergio Ermotti said this week that UBS has begun to cut costs in wealth management
The bank
