UBS wealth management starts job cuts in Asia, Europe - Bloomberg

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UBS Group (UBS +0.8%) has cut as much as 20% of the workforce in some European teams of its global wealth management business and is reducing management layers in Asia to speed decision-making, Bloomberg reports, citing people familiar with the matter.

Job losses are occurring at every level from managing directors to assistants, they said.

UBS hasn’t said how many employees will be affected, but it’s likely to about 500, people familiar with the matter told Bloomberg.

The dismissals come about six months after Iqbal Khan, co-head of the wealth management unit joined the bank from Swiss rival Credit Suisse.

U.S. and Switzerland are likely to be less affected by restructuring of the unit, one person said.

UBS is also closing a unit dedicated to the ultra rich and moving some client advisers into regional divisions and others into its global family office unit.

It’s also eliminating a unit within wealth management called Investment Products and Solutions, which came up with financing structures and investment products. Some positions in structuring, sales, and trading preformed similar tasks.