Even As it plans to cut 30% of its global workforce following its takeover of Credit Suisse, UBS bank is on a U.S. recruiting drive for wealth managers catering to rich Americans.
So far this year, UBS has recruited 50 financial advisers, including from Bank of America’s Merrill Lynch unit, JPMorgan Chase’s recently acquired First Republic Bank, Citigroup and Wells Fargo.
Of those, 30 of the hires came after the Credit Suisse deal in March.
The largest was from the BG Group, a 13-person team that managed $2.5 billion at Merrill.
