UBS

In an era of extreme affluence, elite money managers are vying for the hyper-rich as never before.

CEO Sergio Ermotti said UBS had begun to cut costs following the merger of the U.S. and international wealth management divisions.

It is the latest example of how companies are facing pressure to discipline individuals who have abused their position to obtain sexual favors or committed acts of violence and bullying.

Compensation related to financial advisor recruiting fell 22% for the second quarter.

Banking scandals are playing only a small role in advisor attrition, the firm says.

The firm aims to target affluent mainland investors for the first time, while making it free of various offshore investment restrictions.

While the business is producing steady profits, the lender rejigged financial targets this year after investors argued Ermotti should do more to improve returns after the shares languished.

There’s no obvious reason to row back from the bank's strategic commitment to focus on wealth management while keeping a leash on the investment bank

The regional broker-dealer has stepped up its expansion this year.

As turnaround plans at peers such as Credit Suisse gather speed, some investors are asking whether UBS is doing enough to sustain its lead.