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UBS to cut up to 500 jobs in European private banking overhaul

January 7, 2020

Via: CNBC

UBS will cut up to 500 private banking jobs as part of a plan to split up its wealth management businesses in a bid to speed up decision-making and strengthen regional units.

An internal memo sent to employees on Tuesday by wealth management bosses Iqbal Khan and Tom Naratil set out plans to divide the Swiss lender’s private banking operations in Europe, the Middle East and Africa (EMEA) into three parts: Europe (EU), Central and Eastern Europe (CEE) and the Middle East and Africa (MEA).

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