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UBS Is Cutting Dozens of Staff in Wealth-Management Revamp

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Photographer: Alex Kraus/Bloomberg
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UBS Group AG is laying off dozens of staff at its wealth-management division as it revamps the unit’s leadership team, according to people briefed on the matter.

Stephen Freedman, who was appointed last year as head of sustainable investing solutions at the U.S. wealth-management division, was among the cuts, said the people, who asked not to be identified discussing personnel matters. Michael McVicker, who was named Thursday to lead the advisory business within the investment platforms and solutions unit, will continue to lead the sustainable investing efforts, according to a memo the bank sent to staff.