UBS completes most of cost savings in wealth management

UBS has completed most of the cost savings at its flagship wealth management division with around 400 positions eliminated, the unit's president, Juerg Zeltner, said in an interview published on Saturday. "Due to the decline in earnings, we had to intervene on the costs side," Zeltner told Swiss newspaper Finanz und Wirtschaft. "No-one likes to do that, but the current cost/income ratio of almost 65 percent protects the profit and gives us a better starting position."