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Amidst waning profit margins and lagging revenues, it only appeared a matter of time before lenders resorted to hiring freezes – a step UBS AG has now taken to help restore its wealth management business back to profitability.
UBS, like its other rival counterparts in Europe and the US, have all dealt with a range of issues during the year, which have collectively conspired to sap profits and diminish outlooks. By extension, share prices at leading banks have been in the doldrums, with inventors ramping up the pressure on executives to undergo new corporate strategies and initiatives.
UBS’s wealth management unit, ... (read more)