NEW YORK ( TheStreet) -- The U.S. brokerage unit of UBS ( UBS) 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), Morgan Stanley ( MS) and Wells Fargo ( WFC), 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. Follow TheStreet.com on Twitter and become a fan on Facebook.