UBS Group AG Said to Be Cutting Dozens of Staff

July 26, 2018, 7:03 PM UTC
Sergio Ermotti the CEO of Swiss banking giant UBS addresses the annual results news conference on January 22, 2018 in Zurich. Swiss banking giant UBS reported on January 22, 2018 that its profits plummeted 63 percent last year due to US tax reforms that hit fourth-quarter earnings. / AFP PHOTO / MICHELE LIMINA (Photo credit should read MICHELE LIMINA/AFP/Getty Images)
Michelle Limina—AFP/Getty Images

UBS Group AG is laying off dozens of staff at its wealth-management division as it revamps the unit’s leadership team, according to people briefed on the matter.

Stephen Freedman, who was appointed last year as head of sustainable investing solutions at the U.S. wealth-management division, was among the cuts, said the people, who asked not to be identified discussing personnel matters. Michael McVicker, who was named Thursday to lead the advisory business within the investment platforms and solutions unit, will continue to lead the sustainable investing efforts, according to a memo the bank sent to staff.

Chief Executive Officer Sergio Ermotti said this week that UBS has begun to cut costs in wealth management following the merger of the U.S. and international division into one super-unit that manages about $2.4 trillion. Martin Blessing and Tom Naratil were tapped to run the global division.

The bank announced higher second-quarter profit for global wealth management this week, which helped offset the surprise withdrawal of assets by clients.

Among those departing the bank include Glenn Regan, head of the managed solutions and portfolio guidance team, and Craig Jones, who managed separate accounts, FundFire reported earlier this week. Regan declined to comment, while Jones didn’t immediately return a message on LinkedIn.

UBS added roles for business leaders including Parks Strobridge, who arrived in 2016 and will join the management team for the advisory business, and Casey Jojic, who will be working on the sustainable investing effort with McVicker. Jim Langham is taking responsibility for investment management research in the Americas in addition to heading mandates investment solutions, according to the memo.

In capital markets, Steve Genyk will oversee principal trading in fixed income. Ed Tishelman was named the head of the institutional sales desk.

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