UBS Group AG will eliminate numerous senior job titles as part of Chief Executive Officer Ralph Hamers’ push to simplify the bank and cut costs.
The Zurich-based lender will discontinue all corporate ranks above managing director as of Jan. 1, according to a memo seen by Bloomberg. The ranks — including group managing director, divisional vice chairperson and regional group chairperson — will become managing directors, according to the memo.
Reuters reported the changes earlier. The new titles don’t change the affected employees’ roles, the bank said.
October 26, 2021 1:10 PM
Hamers has made the digitization and streamlining of decision-making at the bank one of his signature initiatives since becoming CEO last year.
