UBS sees departure of five private bankers
Four client advisers at UBS’s Swiss Financial Advisers unit and one relationship manager in acquisitions unit of the bank’s wealth management business have left.
A spokeswoman for UBS confirmed the departures and said they have since been replaced.
Earlier reports suggested that the five were joining Clariden Leu, a Credit Suisse subsidiary. This has since been denied by a spokesman from Clariden Leu.
Swiss Financial Advisers provides financial advice to US tax payers interested in setting up an account in Switzerland and is compliant with the US Securities and Exchange Commission regulations, the spokeswoman said.
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