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Historically, UBS hasn’t had much time for you if you weren’t a multimillionaire. This was fine when it was also a full-service investment bank, but over the past few years it’s decided to stop being that. To plug the gap, it’s going to have to appeal to poor people, by which it means those with less than $2 million, but still at least a quarter of a million.

Now, that’s a fairly big group, one that would require quite a lot of headcount to serve. But, being Dutch and all, UBS CEO Ralph Hamers is a practical, parsimonious man. And robots don’t need office space and are also presently incapable of embarrassing racist outbursts in Connecticut smoothie shops.

UBS Group AG agreed to buy U.S. robo-adviser Wealthfront for $1.4 billion in cash…. The deal will add more than $27 billion in assets under management and over 470,000 clients in the U.S…. Hamers, in his second year running the bank, wants to use artificial intelligence to better pitch services to the world’s wealthy.

UBS Agrees to Buy Robo-Adviser Wealthfront for $1.4 Billion [Bloomberg]

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