Stock Groups

Exclusive-UBS abolishes ranks above managing director

by Mike Robinson

[ad_1]

© Reuters.

Oliver Hirt

ZURICH (Reuters), Several high-ranking UBS Group executive directors will have to resign as managing directors in a restructuring effort under Chief Executive Ralph Hamers. The memo was seen internally by Reuters.

We are simplifying the corporate ranks structure to streamline decision making and lower hierarchy. All corporate ranks beyond Managing Director will cease and be replaced by the rank of Managing Director,” according to the memo titled “Simplicity begins at the top”.

It states that the business, functional, and regional leadership titles of our top leaders remain unchanged, and also their roles and responsibilities. The move is “a natural step in our evolution” and “a step towards simplification and one firm thinking”.

The memo was confirmed by the bank. This move decreases the number hierarchy layers from seven to six.

According to a source, the move has affected around 115 people. Sources said that the terms and conditions of compensation packages for these individuals will not change.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]