Commenting on the move, UBS stated: "Andre’s experience from investment banking, wealth management and corporate centre, as well as his international perspective, is a major asset as we seek to reposition ourselves and further our partnership across the group, and particularly with wealth management."
Cronje has been with UBS since 2000 and he has been replaced in the wealth management role by James Broderick, a former head of JPMorgan Chase & Co.’s asset-management business in Europe, the Middle East and Africa.
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The bank is off late cutting staff and winding down its fixed income business so as to adapt itself to the tough capital rules that is hampering profit making from trading.
UBS is not winding down businesses in the areas of foreign exchange trading and precious metals trading.
