UBS Wealth Americas has reportedly decided to lay off about 75 sales assistants following a 3% dip in its pretax operating profit last quarter.
The layoffs began about a week ago and are ongoing, a spokeswoman at the firm told Reuters.
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A small number involve employees who are retiring and are not being replaced. The layoffs affect a small number of the firm’s approximately 3,000 service associates nationwide, but "are part of our ongoing review of costs and resources," the spokeswoman Karina Byrne said.
The assistants, known as client service associates, handle customer inquiries and prepare paperwork for the firm’s approximately 7,000 financial advisers. Some are paid directly by advisers while others get most of their pay from the firm.
The move is part of UBS’ strategy to meet new bank capital requirements and deal with the demise of Switzerland as a tax haven for the very wealthy.
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