UBS to Close U.S. Private Bank; Advisor Attrition, Client Exits Predicted
Louis Diamond Quoted – By Miriam Rozen, Financial Advisors IQ – UBS has unveiled to employees plans to shutter its U.S. private bank unit at the beginning of next year and recruiters are predicting advisor attrition and client defections. Jason Chandler, head of wealth management USA, and Sylvia Coutinho, head of wealth management Latin America and country head of UBS Group Brazil, issued in June a company-wide memo detailing the plans.
