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UBS promises to hire wealth managers as it cuts them

UBS has promised to continue hiring financial advisors (FAs) as the number of those at the firm continues to fall.

CEO Ralph Hamers, speaking to investors after the bank’s Q4 results, told investors that UBS has prioritised the productivity of existing FAs over adding to their numbers, but also made clear that the bank’s plans to expand in the Americas would involve new FAs being brought in.

“We will continue the recruitment of FAs in the US,” Hamers said, whilst noting that “the productivity of each advisor is important to us.”

The numbers of FAs at UBS fell very slightly in the fourth quarter, despite Hamers telling investors at the end of Q3 that the bank “had a strong quarter in advisory recruiting – and our hiring pipeline remains strong as well for the fourth quarter.”

Hamers also declared that UBS is no normal bank. "We're very much a wealth manager. That's what we do,” he told investors. 

UBS’ investment banking “side hustle” fell in line with Wall Street peers, but hiked fourth quarter bonus spending all the same. 

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AUTHORZeno Toulon

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