UBS Trims U.S. Brokerage Staff
NEW YORK (
) -- The U.S. brokerage unit of
UBS
(UBS) - Get Report
is laying off nearly 200 employees, or 1.2% of its work force, including about 25 managing directors, the
Wall Street Journal
reports, citing people familiar with the situation.
The job cuts come as UBS's new wealth-management chief in the U.S., Robert McCann, reorganizes to compete against larger rivals such as
Bank of America
(BAC) - Get Report
,
Morgan Stanley
(MS) - Get Report
and
Wells Fargo
(WFC) - Get Report
, the
Journal
says.
McCann is eliminating positions that worked at cross-purposes or were duplicative. Areas affected by the move include product marketing and development, people familiar with the strategy told the newspaper.
Most of the layoffs were announced in the last two days, with the rest made earlier this month. Jamie Price, who ran the brokerage force before McCann started in October, also recently left. Price was replaced by former
Merrill Lynch
executive Bob Mulholland.
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