UBS could double Americas wealth business profit within a decade

) could double the profit it makes from its American wealth management arm within a decade even as it cuts staff numbers by targeting the super-rich, the co-head of the business told Reuters.

By encouraging customers to use more lucrative services, such as loans and mandates, where the wealth manager takes more control of a client’s investments, UBS could make do with significantly fewer U.S. customer advisers than the 6,600 it now employs, its co-head of wealth management, Tom Naratil, said in an interview.

“If we get that kind of profile, then in 5 to 10 years from now we’ll have a business that could probably makes twice as much as we do today.” It is shifting to a model in which those with more than $100 million to invest would be served primarily in partnership with UBS’s family office consultants.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fiat Chrysler third-quarter operating profit tops expectations on North America - Business InsiderFCA posted higher than expected operating earnings in the third quarter, lifted by record profitability in North America.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Japan's Panasonic profit drops on trade war, Tesla battery business in redPanasonic Corp on Thursday reported a 12% drop in its second-quarter op... way left to generate 1,000% to 10,000%+ gains in stocks…”
Source: Reuters - 🏆 2. / 97 Read more »