UBS has been recruiting wealth managers in the U.S. to target wealthy Americans, even as the Swiss banking giant mulls tens of thousands of job cuts after its takeover of Credit Suisse.
Why is this important?Under pressure from the Swiss government, UBS took over Credit Suisse in March to prevent the last bank from going bankrupt. Tens of thousands of jobs are at risk of disappearing as a result of this merger.
In the message: Press Agency Reuters In the first half of the year, UBS hired 50 financial advisers focused on wealthy Americans. 30 of those advisers were hired after Credit Suisse’s acquisition in March.
- With these recruitments, UPS hopes to gain a larger market share in the US. Although the bank has a leading position in Europe and Asia, it is the fourth largest asset manager in the US managing funds.
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