UBS to Ax Ranks Above Managing Director in Streamlining Drive

UBS Group AG will eliminate numerous senior job titles as part of Chief Executive Officer Ralph Hamers’ push to simplify the bank and cut costs.

The Zurich-based lender will discontinue all corporate ranks above managing director as of Jan. 1, according to a memo seen by Bloomberg. The ranks -- including group managing director, divisional vice chairperson and regional group chairperson -- will become managing directors, according to the memo.