NEW YORK Aug 12 UBS Wealth Americas, the U.S.-based brokerage arm of UBS AG, is letting go about 75 sales assistants, a spokeswoman at the firm said Tuesday.
The assistants, known as client service associates, handle customer inquiries and prepare paperwork for the firm's approximately 7,000 financial advisers, and are considered fundamental to helping brokers' productivity. Some are paid directly by advisers while others get most of their pay from the firm.
The layoffs began about a week ago and are ongoing, said the spokeswoman, Karina Byrne. A small number involve employees who are retiring and are not being replaced. The layoffs "are part of our ongoing review of costs and resources," she said. (Reporting By Jed Horowitz; Editing by Jonathan Oatis)