UBS Group AG started a sweeping round of job cuts at its global wealth management unit in Europe and Asia, targeting dismissals across the board as new co-head Iqbal Khan seeks to make his mark on the business.
UBS has cut as much as 20% of the workforce in some European teams and is reducing management layers in Asia to bring clients closer to top decision-makers, people with knowledge of the matter said, asking not to be identified as the matter is private.