According to an internal memo seen by PA‘s sister publication International Adviser, UBS plans to “integrate our cross-border and domestic businesses serving clients with the same domicile”.
The Swiss private bank plans to “implement a ‘one market’ approach in our major markets wherever practicable, starting with Germany, the UK, Italy and Spain”.
The memo, written by UBS’s head of wealth management for Europe and emerging markets Paul Raphael, added that all cross-border business will be concentrated in three booking hubs; based in Switzerland, the UK and Germany-based Europe SE.
UBS set up Europe SE in Frankfurt in December 2016 to bring together most of its European wealth management operations.
As part of the restructure, Europe SE will also house all of UBS’s European onshore businesses.
The changes are intended to meet client needs and regulatory trends and better align the bank to service its clients, the memo said.
There was no explicit mention of cost cutting or downsizing.
As a result of the restructure, Raphael also announced several senior management changes.
Jamie Broderick, now responsible for onshore and offshore UK business, is to step down at the end of 2017.
His replacement has been named as Eva Lindholm, co-head of global ultra-high net worth EEM and CH, who will assume her new role on 1 October.
Thomas Rodermann will add Switzerland to his current remit as head of Germany. He will also assume responsibility for overseeing Luxembourg, Austria and the Nordics.
However, René Mottas will remain head of Luxembourg.
