A restructuring of the wealth-management business is a key plank in the Swiss bank’s strategy to narrow the gap to its larger, more-profitable peers. UBS intends to further its reach beyond its traditional strength in the superrich by investing in technology and adding to its pipeline of new financial advisers. In doing so, the bank is following a playbook deployed by other large wealth managers.
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UBS extends its U.S. wealth arm to serve more than just the ultrarich
“We’re not where we want to be,” Rob Karofsky, president of UBS Americas and co-president of global wealth management, said in an interview. “We can’t shrink the business to profitability. We have to invest in growth.”
