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UBS To Cut 500 Wealth Management Jobs In US - Report

Tom Burroughes

12 December 2008

UBS is cutting about 500 jobs from its US wealth management division this week, according to Bloomberg, citing a spokesman for the Zurich-listed bank.

The cuts, which mostly affect support staff at the units Weehawken, New Jersey, headquarters and at 480 branches around the US, are part of about 5,500 jobs the bank said in May that it planned to eliminate.

US wealth management employed 18,384 people at the end of September, including about 8,000 financial advisors, Morris said.

UBS did not immediately reply when contacted by WealthBriefing on the matter.

The job-cut story contrasts with reports that UBS Wealth Management US recently added 132 financial advisors who managed $14 billion in client assets as the firm continues to beef up its recruiting efforts amid brokerage industry turmoil.

The advisors were added in the two weeks ending 28 November.