UBS to Cut 2,000 in USA

Swiss Bank UBS will cut 2,000 positions in its US wealth management business, beginning next week.

The bank is cutting its headcount globally by 8,700.

The US layoffs will target lower-producing financial advisers, new brokers and support staff.

UBS AG is a diversified global financial services company, with its main headquarters in Basel and Zürich, Switzerland. It is the world’s largest manager of private wealth assets, and is the second-largest bank in Europe.

UBS has a major presence in the United States, with its American headquarters located in New York City (Investment banking); Weehawken, New Jersey (private wealth management); and Stamford, Connecticut (capital markets).