UBS Wealth Management of New York plans to lay off more than 150 rookie financial advisers and cut some support staff next month, according to people familiar with the situation.
The layoffs at the UBS AG unit will start by the end of September, though some could take place by the end of this week, these people said.
They will not affect all new brokers, according to the sources.
The support-staff cuts will coincide with UBS' shift to a new organizational structure in which complex managers will oversee several branch offices.
It remains unclear how many support employees will be laid off.
A UBS spokesman said Tuesday that the company does not comment on personnel matters.
In April, UBS announced that it cut more than 500 financial advisers who generally had less than $250,000 in annual production. Those were the first layoffs at a major brokerage company during the financial crisis to affect advisers paid by fees and commissions rather than salary.
