UBS shuffled its management ranks in three divisions, realigning branches and reassigning some managers, according to memos seen by On Wall Street.
The changes follow a challenging first quarter for the firm’s wealth management operations. The executive shuffle also comes following
In Chicago, Market Head Dennis Drescher is retiring. He had been with the company for 16 of his 44 years in the business, according to FINRA BrokerCheck.
In the wake of Drescher's departure, UBS is combining two units in its Midwest division — Chicago Tower and Metro Chicago Markets — into a single entity to be led by Greg Achten. He’ll oversee operations in Chicago and nearby communities such as Oak Brook and Naperville, Illinois, as well as Milwaukee and Madison, Wisconsin, according to a memo.
Jenn Graham is the Founder and CEO of
UBS contends the nearly $70 million in punitive damages it has been ordered to pay a wealthy Iowa family are not justified under federal or state law.
Advisors have all the most sophisticated cybersecurity applications available on the market, but experts say they can't stop the biggest weakness out there.
Craig Tomasino, the manager who oversaw the Metro Chicago Market, will serve as branch manager in Oak Brook.
In Ohio, UBS is reducing its operational structure from three units to two (the firm dubs these units markets). These units will be led by Peter Kaldis and Jon Ramey.
UBS is also folding its Tulsa and Oklahoma City branches into its Midwest market, overseen by manager Mike Mimick.
With that change, UBS plans to dissolve its North Texas-Oklahoma market. The firm will realign some Texas branch offices into a new Texas market comprised of Midland, Tyler, San Angelo and Bryan, Texas. UBS executive Ben Tarantino will oversee operations.
UBS branches in Corpus Christi and San Antonio will fold into the Houston market, led by Scott Skinner.
Sam Parker, who oversaw the Central Texas Market, will serve as branch manager in Austin.
UBS is also making operational changes further west. Branches in San Francisco and Marin County are being folded into the firm’s Northern California market led by Erin Borger. Two UBS branches in Fresno and Merced, California, plus one in Honolulu, are being added to the company’s Silicon Valley market headed by Rob Giordano.
Mike Williams, who oversaw the San Francisco Hawaii Market, will now serve as branch manager in San Francisco office, according to the memo.
The changes come after UBS Wealth Management Americas reported pretax profit fell 6% year-over-year to $328 million.
While the company has the most productive advisors when compared to its wirehouse competitors, ts brokerage force has shrunk somewhat. Headcount fell to 6,790 advisors from 6,956 for the year-ago period.
