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UBS Wealth Management holds back on support functions hiring

The UBS AG company logo sits at the bank’s headquarters in Zurich, Switzerland, on Monday, May 3, 2010. UBS AG, Switzerland’s biggest bank, reported the highest quarterly profit in almost three years after a rebound at the securities unit. Photographer: Peter Frommenwiler/Bloomberg

UBS Wealth Management has imposed a partial hiring freeze on its middle and back office roles to slash operating costs. The hiring freeze pertains to the Swiss lender’s support functions globally, but does not affect the private bank’s frontline and excludes its brokerage business in the US and Canada, according to media reports. When asked whether this hiring freeze will affect the…

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