Large Swiss bank splits up assets department - 500 employees to be fired

UBS is splitting up its European wealth management department and has found new leaaders for the departments. 500 employees will lose thier jobs.

Photo: Arnd Wiegmann/Reuters/Ritzau Scanpix

The European wealth management department at Swiss bank UBS will be split into three different departments. At the same time, the bank will cut 500 employees globally within private banking.

In connection with these changes, the three new regional departments will each get a new leader, Bloomberg reports.

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