UBS will cease offering wealth management services through its private bank in the U.S., and shift clients and staff to other, larger wealth management units.
In a memo last month, UBS executives explained the move to employees as an effort to simplify operations.
The firm, which has $2.8 trillion in assets in its global wealth management business, has been streamlining its business and cutting expenses. Earlier this year,
In the U.S., UBS has experienced advisor attrition even as it has boosted assets and productivity. Recruiting expenses have fallen since the wirehouse cut back on hiring efforts in 2016 and
The firm does not break out the overall headcount into specific geographies. It also does not provide how many private bankers it has, but it is generally regarded to be a small business compared to its traditional wirehouse operations.
A spokesman declined to say how many private bankers work at the company.
By offering comprehensive wealth management services in the U.S. through UBS Financial Services and UBS Bank, we can provide all of our clients with a superior experience on a single platform, while also simplifying how we operate,” the spokesman said in a statement.
The private bank’s client advisors and their teams can transition to the wirehouse operations, according to the memo.
The changes — which will be effective Jan 1, 2021 — also occur against a backdrop of unprecedented economic turmoil wrought by the
UBS’ Americas unit reported pretax profit dropped by $135 million to $227 million for the second quarter, mirroring declines at rival wealth managers
