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UBS Wealth Management Reportedly Starts Job Cuts In Asia, Europe

UBS has cut as much as 20% of the workforce in some European teams and is reducing management layers in Asia, Bloomberg reported citing people with the matter.

Job losses are taking place at every level from managing directors to assistants, the report said.

UBS did not mention how many employees will be affected, but it's likely to be about 500, the report said.

The U.S. and Switzerland are likely to be less affected by the restructuring at the wealth management division.

According to the report, UBS is dismantling a unit dedicated to the ultra rich -- moving some client advisers into the regional divisions and others into its Globally Family Office unit -- while also dividing the EMEA wealth business into three regions.

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