Wealth Management US

Initiatives and achievements

Changes in client-facing organization

In August, we announced that we would reorganize and streamline our client-facing organization. The reorganization, effective 1 January 2008, will reduce the number of regions to eight from thirteen. Regional managers will oversee 49 market area managers, who will form a new structural level locally, together with the managers of 10 of our larger, free-standing offices. Each market area manager will supervise six to eight branch managers in addition to managing a home branch. With fewer direct reports, regional managers will be more effective in recruiting and leading their regions. Branch managers will be given improved access to UBS's infrastructure and tools. The rationale for this restructuring is to reposition resources closer to clients, enhancing their relationship with our firm and their financial advisors, ultimately driving business growth.

New private wealth management offices

Our Private Wealth Management business opened offices in Chicago, Illinois, in September and Atlanta, Georgia, in October to serve the needs of clients with more than USD 10 million in investable assets. This follows the opening of similar offices in New York City in 2006 and Stamford, Connecticut, earlier this year. We plan to open additional offices in Los Angeles and San Francisco by the end of 2007.

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