UBS loses 248 advisers in the Americas

Pedro Gonçalves
clock • 2 min read

Customers of UBS Wealth Management Americas withdrew a net $8.3bn in the second quarter, reflecting the bank's pullback from recruiting experienced advisers with big books as well as clients' seasonal need for cash to meet tax bills. UBS reported a year-over-year decline of 248 financial advisers, or 4% of the global bank's financial adviser workforce in the Americas. The headcount in its Americas wealth management unit fell to 6,689 for the second quarter, down from 6,937 for the same period a year ago. The figure includes advisors in Canada and Latin America. UBS dramatically reduce...

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