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Beatriz Martin, UBS's Head of Non-Core and Legacy Operations, is successfully managing the integration of Credit Suisse, stating the process has been easier than anticipated. With over 90% of her team from CS, she emphasizes the need for cultural change and plans to focus on growth in Europe post-2026, when her role expires. Martin is seen as a strong candidate to succeed Sergio Ermotti.
UBS faces challenges in China due to Xi Jinping's policies promoting "universal prosperity," which discourage high executive salaries and wealth concentration. The sluggish economy, exacerbated by a real estate crisis, has led wealthy clients to shift assets abroad, complicating UBS's operations. The bank hopes for a gradual economic stimulus from the Chinese government to stabilize the market and boost private consumption.
UBS is shifting its wealth management strategy in the U.S. to target a broader client base beyond the super-rich, aiming to enhance profitability amid high competition and costs. The bank plans to invest in technology and advisors while reorganizing into six divisions, seeking a national bank license to offer more services. However, past attempts to expand, such as the failed acquisition of Wealthfront, raise questions about the success of this new approach.
UBS is restructuring its U.S. wealth management business to focus on wealthy clients while excluding the super-rich. The new organization will consist of six divisions, including regional centers, international clients, and a segment for clients with limited assets, primarily served through digital channels. Rob Karofsky will lead the U.S. wealth administration, emphasizing the firm's commitment to expanding its presence in the U.S. market.
UBS is restructuring its U.S. wealth management business to focus on wealthy clients, excluding the super-rich. The new organization will consist of six divisions, including regional centers, international clients, and a division for clients with limited assets, primarily utilizing call centers and virtual advice. Rob Karofsky will co-lead the division alongside Iqbal Khan, as UBS aims to expand its presence in the U.S. market.
UBS is restructuring its U.S. wealth management business to focus on wealthy clients, excluding the super-rich. The new organization will consist of six divisions, including regional centers and a segment for clients with limited assets, primarily served through digital channels. Rob Karofsky will lead the U.S. wealth administration business alongside Iqbal Khan.
UBS is restructuring its US wealth management business, expanding from two national divisions to four regional sales teams, effective January 1, 2025. Rob Karofsky will lead the division, with key appointments including Chris DiMuria for the Northeast and Julie Fox for the Southeast. Private Wealth Management will become a distinct segment under John Mathews.
UBS is restructuring its wealth management for private clients in the USA, aiming for more differentiated solutions and increased profitability. Starting in 2025, the division will be divided into four regions, alongside a segment for international clients and a "Wealth Advice Center" for managing lower assets primarily through digital channels. Rob Karofsky will lead the US wealth management business, having been appointed co-head of global wealth management in summer 2024.
UBS is restructuring its U.S. wealth management business to focus on wealthy clients, excluding the super-rich. The new organization will consist of six divisions, including regional centers, international clients, and a segment for clients with limited assets, primarily served through digital channels. Rob Karofsky will co-lead the U.S. wealth administration division alongside Iqbal Khan, as UBS aims to expand its presence in the U.S. market.
UBS is restructuring its wealth management business in the US, effective January 2025, to enhance client solutions and profitability. The division will be reorganized into four regions, alongside a segment for international clients and a "Wealth Advice Center" for managing lower asset clients primarily through digital channels. Rob Karofsky will lead the US wealth management unit, aiming for growth in this sector.
Kubra Khan
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