Financial institutions

Ermotti last week outlined how the bank is seeking to win over American billionaires by boosting recruitment.

Russell Goldsmith plans to be “quite active” after handing over the top job to his successor in three months.

Sergio Ermotti is under pressure to show investors how the bank can reap greater profits from a merger of its two wealth management businesses.

“This is a chance to redesign core systems, some of which go back to PaineWebber,” says Tom Naratil, president of UBS Wealth Management Americas.

Wirehouses have long complained about paying the highest dues among the group’s hundreds of members, insiders say.

For advisors that make a claim of misconduct the deck appears stacked in favor of the employers.

Clients have filed hundreds of similar claims against UBS since 2013, with aggregate damages of $2.6 billion.

Earnings reports this week showed the firms are increasingly rushing into a booming market for lending to wealthy clients. So far, it’s paying off.

Net income increased 31% from a year ago.

A bonus introduced earlier this year has helped fuel client acquisition, executives say.