UBS has not said how many employees will be affected, but it's likely to be about 500, people familiar with the matter told the news wire. The US and Switzerland are likely to be less affected by restructuring of the unit, one person said.
The round of cuts will affect staff at every level, from managing directors to assistants.
In December, UBS announced it would dismantle its ultra-high net worth business, the first major move under new private bank co-head Iqbal Khan, who joined from Credit Suisse in September 2019.
The Swiss bank is also eliminating a unit within wealth management called Investment Products and Solutions, which came up with financing structures and investment products. Some positions in structuring, sales, and trading preformed similar tasks.