UBS AG's planned 3,500 job cuts will not directly affect client-facing financial advisors in its Wealth Management Americas unit, a spokesperson confirmed Tuesday.
News of UBS' planned cuts emerged in a memo sent to UBS staff from its group chief executive, Oswald Gruebel, on Tuesday. Ten percent of the planned cuts will affect Wealth Management Americas. Those cuts, however, will fall more in the corporate center unit, the UBS spokesperson said.
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