When UBS bankers leave, clients' wealth stays: global head
Major retention factor is that "the brand is more important than the person"
Singapore
DESPITE the merry-go-round of private bankers, UBS has managed to keep more than 90 per cent of the assets of its richest clients with the bank when a banker leaves. This cements the ultra-high-net-worth (UHNW) segment as the most profitable tier of the bank, says its global head of the UHNW segment.
"This is the most profitable segment within (the) UBS organisation. We control costs by not overhiring," Josef Stadler, head of global UHNW, UBS Wealth Management, told The Business Times. "We do not frantically hire new people - for two reasons. First, it's very expensive; second, those people are very hard to find."
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
Stablecoin issuer Tether invests US$200 million in brain-computer interface company
Yahoo to lay off staff in Singapore as it shifts to content curation
US: Wall St opens higher on megacap strength, Fed verdict awaited
IReit Global occupancy rate grows to 91.5% in Q1
Yen surges against US dollar on suspected intervention