UBS is planning to merge large parts of the back and middle-office functions in its wealth management business, in a move that will save the Swiss group several hundred million francs a year and will result in hundreds of job cuts in its initial stage.
Three people familiar with the plans told the Financial Times that an announcement on the restructuring of the worlds biggest wealth manager was likely to be made next Tuesday, when UBS releases its first-quarter results.
The bank may also use the results announcement to tell investors about a new approach to cost-cutting across the group, which is designed to end the dysfunctional status quo of business divisions and the companys corporate centre battl…
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