UBS is implementing changes to its wealth management operations in the United States, with a focus on affluent clients rather than the ultra-wealthy segment.

The Wall Street Journal reported on an internal memo that outlines the new strategy. Under this strategy, the U.S. wealth management business will be divided into six divisions. Four divisions will cater to regional centers, one will serve international clients, and the sixth division will address clients with more modest assets through call centers, online services, and virtual advice.

Rob Karofsky has been appointed co-head of the global wealth administration division, alongside Iqbal Khan, effective summer 2024. UBS's leadership has expressed its commitment to expanding its presence in the U.S. market, indicating a strategic shift aimed at improving service delivery to a wider range of wealthy clients.