UBS Chief Touts Netflix, Spotify in Tech Vision for Banking
- Strategic initiatives to bring $1 billion in savings per year
- CEO replaces COO with Chief Digital and Information Officer
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UBS Group AG’s Chief Executive Officer Ralph Hamers is taking inspiration from tech companies Netflix Inc. and Spotify Technology SA, as he works out plans to digitize the bank that will include job cuts at the world’s largest wealth manager.
Hamers, six months into the role, is taking a deep look at where he can cut costs and digitize operations, including in the high-touch business of serving the world’s wealthiest people. He wants to use artificial intelligence to target how to sell more products to the world’s wealthy and rethink what markets the bank operates in, with a heavy focus on Asia.