UBS to restructure its global wealth management division

This week, UBS announced a restructuring in its wealth management division; up to 500 jobs could be cut (representing 2% of the jobs in this division). UBS wants to increase its decision-making speed and thus give more responsibility to the regions. For example, the EMEA division will be divided into three parts: Western Europe, Eastern & Central Europe, and Middle East & Africa. In addition, in order to facilitate access to credit for large clients, loans will be handled by a separate team in the Investment Banking Division. These changes follow the arrival of the new division manager a few months ago.