Bloomberg News

UBS Says Three Canadian Financial Advisers Have Left

August 30, 2011

(Updates with company comments in second and fourth paragraphs, background in third.)

Aug. 30 (Bloomberg) -- UBS AG, Switzerland’s largest bank, cut three jobs in its Canadian financial-adviser network as it consolidates operations in the country.

Mike Ralph, Paul de la Roche and Aaron Martin, who were based in Toronto left the firm, according to UBS spokeswoman Karina Byrne, in an e-mailed statement from New York.

UBS Chief Executive Officer Oswald Gruebel has said he plans to reduce annual costs by about 2 billion Swiss francs ($2.44 billion) by the end of 2013. The bank said last week it will eliminate about 3,500 jobs, or 5.3 percent of its workforce.

Byrne said the moves don’t diminish the commitment to Canada, and the firm will retain “senior advisers with the most experience to best represent UBS in the Canadian market.” The firm now has 26 advisers across the country, she said.

In May, UBS fired three of its Canadian staff including Grant Rasmussen, the president and chief executive officer of wealth management, as part of a reorganization.

--Editor: David Scanlan

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net


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