UBS

The wirehouse says it wants to simplify pricing for separately managed accounts and expand client choice.

The firm employs just short of 70,000 people in 50 countries and had 80% of its worldwide staff at home during the height of the pandemic

“The stocks that I hadn’t heard of three months ago all of a sudden are the most active — that’s not where investors go, that’s where traders might go or hobbyists might go,” says a private wealth advisor at UBS.

The venture fund comes just months after UBS named ING's Ralph Hamers, an outspoken champion of digital banking as its next CEO.

The wirehouse, which has reduced recruiting efforts, enticed the team over from AllianceBernstein.

One defecting advisor says she was lured by better technology and because at her new employer, “It’s about the people and not just the numbers.”

Production companies claim fraudsters bilked them out of $3.5 million under the bank's watch.

The firm’s diminished ranks are a sign of huge changes in the wirehouse world since the financial crisis ended.

“We didn’t need to physically travel to see that RBC was the ideal place to move our practice,” ex-UBS advisor says.

New chief product officer Michael Korcuska’s resume includes Weight Watchers and LinkedIn instead of finance or technology.