WEEHAWKEN AND BEYOND — Speaking at UBS Wealth Management Americas’ headquarters in the Lincoln Harbor section of Weehawken this week, the financial firm’s wealth management chief had a number of updates for employees.
According to a story by Reuters, they said the wealth management unit won’t change its name back to PaineWebber, “nor will it split off from the embattled Swiss banking giant.”
Reuters reports: “Still there are plenty of changes ahead for the fourth-largest U.S. brokerage, wealth management chief Robert McCann told brokers. McCann said he intends to focus UBS’ efforts on attracting wealthy and ultra wealthy clients, a UBS spokeswoman said. McCann for the first time since joining UBS in October laid out a blueprint for how he intends to restore confidence in a bank slammed by credit losses and more recently a U.S. tax-fraud scandal. …UBS will not abandon customers with less than $1 million, the spokeswoman said, but the bank will devote less resources there. Likewise UBS will invest more in fast-growing metropolitan areas, and spend less on branches in more rural areas. UBS acquired New York based Paine Webber Group in 2000 at the peak of the tech stock boom.”