UBS AG’s planned 3,500 job cuts will not directly affect client-facing financial advisors in its Wealth Management Americas unit, a spokesperson confirmed Tuesday morning.
News of UBS’ planned cuts emerged in a memo sent to UBS staff from Group Chief Executive Oswald Gruebel on Tuesday. The plan calls for a total of 3,500 job cuts internationally, which is part of a broader strategy aimed at reducing an estimated CHF2 billion in costs by the end of 2013.
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