ZURICH - Swiss banking group UBS AG could announce a senior management realignment in its private bank and a major rebranding of several operations as early as next week, a source said.
The source said the management reshuffling would affect the top echelons of UBS Private Banking, which is now headed by Rodolfo Bogni.
A UBS spokeswoman declined to comment Tuesday except to say that "if changes come about, we will inform everyone on the matter in due time."
UBS recently reported a 3.5% decline in assets under management in its private bank, to $2.5 trillion, and a 24% drop in profits from the unit for the first nine months, to $3.16 billion.
The Swiss banking giant is said to have assigned the branding project to a public relations agency in the United Kingdom. Several divisions are expected to be renamed, including UBS Brinson, UBS Capital, Phillips and Drew of the U.K., and the private and corporate clients unit.
UBS Private Banking and another investment banking operation, Warburg Dillon Read, are expected to retain their identities.
- Dow Jones