UBS

The bank allegedly helped French clients evade taxes.

The changes follow a challenging first quarter for the firm’s wealth management operations.

The firm said earlier this year that it would deepen cost cuts.

The move will merge capital-markets teams across wealth management and the investment bank in the U.S.

CEO Sergio Ermotti's base pay is 67% higher than the average at European banks.

The bank has considered buying DWS to combine it with its own unit and spin the two off as a separate entity, sources said.

It’s the biggest advisor move of the year.

The firm’s new recruits include a 31-year Merrill Lynch veteran.

The hit to wealth management from a difficult trading environment was already visible in the fourth quarter.

Cautious clients and muted markets are making CEO Sergio Ermotti’s job more difficult.