Bloomberg News

UBS Will Merge Wealth Management, Investment Offices, HZ Says

May 22, 2012

UBS AG (UBSN) will combine the back offices of its wealth management and investment banking divisions on July 1, Handelszeitung reported, citing an internal memo to staff and Andreas Kern, a spokesman for the bank.

Ulrich Hoffmann, currently head of operations in the wealth management unit, will lead the combined department, which will have 7,000 workers, the Swiss newspaper reported in a pre- release of an article to be published tomorrow.

It is undecided if the merger will lead to job cuts, the paper cited Kern as saying.

To contact the editor responsible for this story: Leigh Baldwin at lbaldwin3@bloomberg.net


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