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UBS to revamp wealth management business: FT

[ZURICH] Swiss bank UBS is planning to merge large parts of the back and middle-office functions at its wealth management business, resulting in workforce reduction, the Financial Times reported, citing people familiar with the plans.

The move, which is expected to save UBS several hundred million francs, is expected to be announced next Tuesday, the FT reported. The initial stage of the restructuring, which includes the wealth management unit moving to common information technology systems and shared support facilities, are expected to eliminate several hundred jobs, according to the report.

UBS declined to comment.

People familiar with the matter insisted that the move was not a response to the weakness in the division's performance, the report added.

REUTERS