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UBS puts wealth management business on partial hiring freeze

Cost cutting measure applies to only support functions, not client advisers, say sources

UBS's pretax profit from wealth management tumbled 41 per cent in the first quarter as it recorded the worst transaction volumes ever for the first three months of the year.


UBS Group AG, the world's biggest manager of money for rich people, imposed a partial hiring freeze at its wealth management business to cut costs, said two people with knowledge of the matter.

The restrictions apply to only support functions, not client advisers, at the...

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