NEW YORK (Reuters) - UBS Wealth Management Americas, the U.S. brokerage arm of UBS AG UBSN.VX, said on Tuesday it plans no financial adviser cuts in connection with the Swiss bank’s announced plans to slash 3,500 jobs.
The U.S. brokerage’s chief executive, Robert McCann, said “these reductions will occur mainly in the investment bank and Swiss bank, and they will have little to no direct effect on you, our advisers,” according to a memo sent to the firm’s financial advisers and obtained by Reuters.
UBS earlier on Tuesday said UBS America’s would be responsible for about 10 percent of the company-wide job cuts. Those 350 cuts represent a little less than 4 percent of the brokerage’s roughly 9,400 employees who are not financial advisers.
A UBS spokeswoman said the cuts would come from corporate headquarters and administrative areas, such as information technology. UBS had about 6,800 brokers at the end of June.
Reporting by Joseph A. Giannone; Editing by Derek Caney