UBS To Eliminate Some Management Positions In U.S. Wealth Unit

(RTTNews) - UBS Group AG (UBS) is eliminating some management positions in its U.S. wealth unit and reducing the number of financial advisers recruited from competitors, according to several media reports.

The headcount reduction will mostly hit middle and senior managers, including some at the unit's main offices in Weehawken, New Jersey, and New York, the reports quoted president of wealth management for UBS in the Americas Tom Naratil as saying in an interview.

UBS declined to provide a specific number of cuts. The role of regional manager also will be eliminated, with some promoted and others reassigned.

The Swiss bank reportedly plans to decrease by 40 percent the number of financial advisers it recruits from competitors and how much it spends on those efforts starting this month, Naratil said. UBS declined to give current recruiting figures.