An internal note reviewed by Reuters indicates that UBS Group (UBS, Financial) intends to restructure its wealth management activities in the United States into six divisions and concentrate more on wealthy clients falling below the ultra-wealthy level.
Along with UBS International and its Wealth Advice Center, the changes—effective Jan. 1, 2025—will change the framework from two national divisions to four regional ones. The restructure seeks to increase response to client needs, accelerate decision-making, and strengthen connectedness, according to the memo.
First covering the upheaval, the Wall Street Journal highlighted UBS's dedication to providing greater resources to wealthy clients—a group the firm believes essential for U.S. expansion. Although UBS CEO Sergio Ermotti said in September that the company has yet to reach its intended profitability levels, he has earlier noted the United States as a main growth market.
