UBS AG's planned job cuts of 3,500 will not directly affect client-facing financial advisors in its Wealth Management Americas unit, according to a representative.
News of UBS' planned cuts emerged in a memo sent to staff on Tuesday from Oswald Gruebel, UBS' group chief executive. The plan calls for a total of 3,500 job cuts internationally, which is part of a broader strategy aimed at reducing an estimated 2 billion Swiss francs (US$2.5 billion) in costs by the end of 2013.
Ten percent of the planned cuts will affect Wealth Management Americas, for a total of 350 positions. Those cuts, however, will fall more in the corporate center unit, the UBS representative said Tuesday, which could include positions with shared services in areas including corporate communications, legal, real estate or information technology.
