UBS puts wealth management business on partial hiring freeze

Zurich

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 bank's largest unit, the people said, asking not to be identified because the matter is private. They exclude the firm's brokerage business in the US and Canada. A spokesman for Zurich-based UBS declined to comment.