UBS Said to Impose Partial Wealth-Management Hiring Freeze
- Restrictions said to apply to support functions at the unit
- UBS’s Ermotti has been seeking to cut costs after profit drop
Pedestrians are reflected in the window of a UBS bank branch in Zurich.
Photographer: Gianluca Colla/BloombergThis article is for subscribers only.
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 only to 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 U.S. and Canada. A spokesman for Zurich-based UBS declined to comment.