ZURICH - UBS plans to overhaul its wealth management business in the United States, splitting the operation into six divisions and focusing more on clients that are not super wealthy, according to an internal memo and a media report on Tuesday.
According to the Wall Street Journal, which first reported the shake-up, UBS plans to devote more resources in the U.S. to affluent and not quite ultra-wealthy clients. "This new alignment will empower our field leaders through faster decision-making, enhanced responsiveness to client needs, and greater connectivity," the memo says.
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