Feb
17
Troubled Swiss bank UBS, which has been battered by a U.S. tax evasion probe, is reorganizing its U.S. wealth management division in an attempt to stem outflows. The Swiss bank, the world’s second largest wealth manager, said on Friday the recently appointed heads of its wealth management unit, Robert McCann and Robert Mulholland, had outlined broad plans for a restructuring and management reshuffle.
News of the changes drew initial skepticism from the market. They are part of a months-long process McCann has undertaken to revive an 8,000-strong brokerage force caught in the firing line of the U.S. Internal Revenue Service investigation. Source
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