Sergio Ermotti , the chief executive of UBS, and Tom Naratil, the co-head of global wealth management and president of the Americas.Less than 1% of the nearly 6,500 financial advisers in UBS's wealth management business in the Americas are Black or African American, division co-head Tom Naratil said at an internal town hall on June 18.
The figures, which have not been previously reported, come as financial services firms and companies across industries commit themselves to more diverse workplaces amid a global outcry over racism. on Wednesday that the largest US wealth managers, which are UBS, Morgan Stanley, Wells Fargo, and Bank of America's Merrill Lynch unit, would not publicly disclose the racial diversity of their advisers.
People of color represent some 19% of Americas employees at the director level or above, which encompass executive director, managing director, and group managing director, Naratil also said at the internal meeting. Advisers who are people of color comprise some 10% of financial advisers in the Americas.
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