Switzerland’s biggest bank is reorganizing the wealth management division for Europe and emerging markets. These are the reasons for the changes.
In the new structure, a client will receive his banking services from the same place independent of whether he’s keeping his assets in his home country or is taking them abroad, according to a report by «Bloomberg», which cited from an internal memo.
The changes will affect wealth management in Europe and in emerging markets, except Asia. One of the measures UBS plans to implement is a reduction of the booking centers for cross-border operations to three from a current ten.
United European Business
The three booking centers will be located in Switzerland, the U.K. and at UBS Europe SE headquarters in Frankfurt, Germany. Customers will still be able to book their money in the home countries though.
Onshore banking in European countries will be combined under the roof of UBS Europe SE.
Cost-Cutting Measures
With the reorganization measures mentioned in the report by «Bloomberg», UBS aims to cut costs in wealth management. The division has seen a trend toward lower margins in recent quarters.
UBS also hopes to rekindle its customers appetite for investments, making it easier to buy assets outside their home market.
