UBS is also seeking a national banking charter. Credit: ricochet64/Shutterstock.

Swiss banking giant UBS is reportedly planning to restructure its US wealth management operations, targeting client focus beyond the ultra-wealthy.

The restructuring forms part of UBS’ efforts to close the profitability and size gap with larger competitors such as Morgan Stanley and Bank of America‘s Merrill Lynch, reported The Wall Street Journal citing an email to staff.

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UBS plans to increase emphasis on affluent clients who do not reach the ultra-wealthy threshold.

This approach will involve a substantial investment in technology and a bolstered recruitment of financial advisers.

According to the memo, the US wealth business will be organised into six divisions. Four of these will manage regional centres catering to different wealth tiers, according to the news agency.

The fifth division will handle international clients, while the sixth, the UBS Wealth Advice Center, will manage lower-level accounts predominantly through digital means such as call centres, online tools, and virtual consultations.

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The changes are set to take effect from 1 January 2025, reported Reuters.

“This new alignment will empower our field leaders through faster decision-making, enhanced responsiveness to client needs, and greater connectivity,” the memo reads.

Currently, UBS’s US wealth division provides a limited suite of banking services and holds client cash as deposits.

However, UBS is now seeking a national banking charter to expand its offerings to include loans, checking accounts, and savings plans.

UBS wealth management head Michael Camacho said that the bank expects to receive charter approval in the next several years.