Cuts to the client associate sector began in mid-March. The layoffs also follow a pattern of reducing overhead at the Swiss bank's U.S. brokerage. In December, UBS eliminated several branch managers' roles and gave the remaining branch managers the title of market director.
According to a former UBS branch manager, the layoffs started at the top and have now trickled down to the branches. Industry recruiters told AdvisorHub that, although it is still being determined how many roles were affected by the reduction of client associates, personnel cuts may be ongoing.
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