FACTBOX-Key details of UBS restructuring plans
Aug 12 (Reuters) - UBS AG (UBSN.VX) will separate its wealth management business from investment banking and asset management as the world's biggest banker to the rich acknowledged its one-bank model was flawed. [ID:nLB144790].
Following are the key details of the repositioning of UBS.
* UBS to separate business divisions into three units: Global Wealth Management & Business Banking, Investment Bank and Global Asset Management.
* UBS to invest in and develop its Global Wealth Management business in a bid to strengthen its presence in international growth markets and its position in Switzerland.
* Investment Bank to further reduce balance sheet and risk positions as it repositions towards client-driven growth. This will ensure maximum accountability for creation of shareholder value.
* In Global Asset Management division, incentives for leadership and staff will be aligned with results and investment performance
* The new structure is to result in more transparency on value creation within UBS, impose strict standards on the availability and usage of capital and provide flexibility to capture future shareholder value.
* UBS's position in Switzerland, both as a wealth manager and as the largest retail bank, to remain a cornerstone of the strategy and of sustainable profit growth.
* Executive management of the group to be led by the Chief Executive Officer who will be supported by the Group Executive Board (GEB) and its newly established Executive Committee.
* Executive Committee will be made up of the CEO, Chief Financial Officer, Chief Risk Officer and the General Counsel. (Reporting by Katie Reid; Editing by David Cowell)
- Malaysia Airlines plane missing, presumed crashed in South China Sea |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Malaysian plane crashed off Vietnam coast: state media
- No signal picked up from missing Malaysia Airlines plane-Vietnam official