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UBS is restructuring its US wealth management business effective January 1, 2025, creating four regional divisions to enhance decision-making and client responsiveness. Key appointments include Chris DiMuria as Northeast Regional Director and John Mathews leading a new Private Wealth Management segment. The firm will also expand its Global Family & Institutional Wealth framework and streamline sales and support teams for improved efficiency.
Credit Suisse's tumultuous journey culminated in its acquisition by UBS for $3 billion in March 2023, following a series of scandals and leadership changes. The bank, once a pillar of Swiss finance, became notorious for its misconduct, outpacing other major banks in reputational damage since the 2008 financial crisis. Founded in 1856 to support railway growth, its decline began in the late 1980s with a risky partnership with Wall Street's First Boston.
Capitolis has secured $20 million in strategic investments from Citi, Morgan Stanley, State Street, and UBS, with each bank contributing $5 million. This funding will support the growth of Capitolis’ Capital Marketplace and Portfolio Optimization businesses, enhancing its role as a key partner in the financial industry. CEO Gil Mandelzis highlighted the company's commitment to making financial markets safer and stronger through close collaboration with leading banks.
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ubs restructures us wealth management with new regional divisions and leadership
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