Report: UBS to Restructure US Wealth Management Business

UBS plans to reorganize its US wealth management business into six divisions and expand the focus beyond ultra-high-net-worth clients, the company disclosed in an internal memo obtained by the Wall Street Journal and Reuters.

Effective January 1, 2025, the business will move from two national divisions to four regions operating alongside its international and wealth advice center divisions, according to the memo, the authenticity of which was confirmed to Reuters by a company spokesperson. The move, which will come in tandem with greater investment in the business by the global bank, is intended to empower field leaders to speed up decision making and be more responsive to client needs.

UBS sees the US wealth market as a key growth driver, particularly following the acquisition of Credit Suisse in 2023, and to that end is also allegedly seeking a broader banking license to operate in the country, as reported by Bloomberg in November. The application with the Office of the Comptroller of Currency would give the bank wider latitude on offering loans and accepting deposits from US customers, putting it in a better position to attract the business of affluent and HNW individuals.