Economics
UBS Wealth Bankers Get Dose of Credit Suisse Tonic in Khan Plan
- Star hire is dismantling units and cutting hundreds of jobs
- Lender seeks to maintain wealth-management edge amid shifts
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As Christmas approached in Zurich, UBS Group AG’s private bankers were bracing for their own winter storm.
The deadline had passed for a 60-day review of the bank’s wealth-management business -- the world’s biggest -- by its new co-head, Iqbal Khan. Many were anxious about the future of a unit that had lost its edge. Some stayed in their offices until the last moments before the holiday, fearing they might not have jobs in January, according to people familiar with the matter.