UBS layoffs look set to happen as group prepares to trim its wealth management division by sacking dozens of its staff, Bloomberg  has reported citing unnamed sources familiar with the matter.

The layoffs, which form a part of its restructuring programme, is said to include Stephen Freedman, who was leading the sustainable investing solutions of its US wealth division.

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Last week, UBS CEO Sergio Ermotti stated that the company has initiated cost-reduction measures into wealth management segment after the combination of the US and the international divisions into a single entity.

The global division, which manages nearly $2.4tn of assets, is being led by Martin Blessing and Tom Naratil.

UBS layoffs

Under the restructuring process, head of the managed solutions and portfolio guidance team Glenn Regan and separate accounts Craig Jones have also left the bank, reported FundFire last week.

UBS has also expanded the responsibilities of Parks Strobridge by adding him into the advisory business management team and Casey Jojic, who will work with Michael McVicker on the sustainable investing solutions.

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Additionally, Jim Langham was said to assume the responsibility for investment management research in the Americas along with leading the mandates investment solutions, Bloomberg stated citing a memo sent by UBS to the employees.

Steve Genyk will supervise principal trading in fixed income in the capital markets, while Ed Tishelman will lead the institutional sales desk.

Last week, the bank reported a jump of 9% in its net profits for the second quarter of this year.