UBS Cuts Operation Staff
UBS Wealth Management Americas has cut operations staff in an effort to reduce expenses. The firm has around 3,800 sales associates, who work to process orders and address client issues for the firm's roughly 7,100 advisers.
This UBS move is aimed to levy more sales and operational costs on its brokers, which mirrors similar efforts at Morgan Stanley, where the firm has been looking to centralize its back office operations. Next year, a portion of Morgan Stanley's roughly 16,300 advisers are set to pay additional costs, including a $1,000 monthly fee, for extra support staff beyond what the branch provides. Previously, those fees, which go toward items such as technology costs, insurance and retirement contributions, were paid by the firm.
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