NEW YORK — UBS AG plans to cut roughly 2,000 jobs in its U.S. wealth-management business, according to people familiar with the situation.

The layoffs, expected to occur next week, are part of the Swiss bank's plans to reduce its headcount globally by 8,700 and cut operating costs by 15%. Both measures were announced by new Chief Executive Oswald Grubel at the bank's annual meeting in Zurich on Wednesday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.