Layoffs Watch '18: UBS Wealth Managers Getting Cheaper By The Dozens

Sounds like a few dozen people are coming around to the idea that UBS sucks.
Getty Images

Getty Images

According to Bloomberg, we've got a Midsummer Day's Bloodbath over at UBS...

UBS Group AG is laying off dozens of staff at its wealth-management division as it reshuffles some executives, according to people briefed on the matter.
Stephen Freedman, who was appointed last year as head of sustainable investing solutions at the U.S. wealth-management division, was among the cuts, said the people, who asked not to be identified discussing personnel matters. Michael McVicker, who was named Thursday to lead the advisory business within the investment platforms and solutions unit, will continue to lead the sustainable investing efforts, according to a memo the bank sent to staff.

Sounds like a lot of "shuffling" indeed.

If you're inside UBS and want to talk about it, tips@dealbreaker.

UBS Is Cutting Dozens of Staff in Wealth-Management Revamp [Bloomberg]


Layoffs Watch '12: UBS

Cuts are said to be going down circa now. "FYI: UBS is letting people go on the sales and trading desk today. At least three senior guys have been let go so far this morning, with more on the way."