UBS Cuts 35 Employees at Latin American Wealth-Management Unit

This content was published on May 24, 2024 - 22:30

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(Bloomberg) — UBS Group AG has dismissed about 35 employees serving Latin America clients at its wealth-management unit, according to people familiar with the matter.

Among those affected were Enio Shinohara, who was head of products coverage for Latin America at the wealth-management business, the people said, asking not to be identified discussing non-public information. Shinohara joined Credit Suisse in 2020, and UBS bought its crosstown rival last year.

UBS, which has been cutting thousands of jobs globally since the Credit Suisse deal, declined to comment. Shinohara didn’t immediately reply to a message seeking comment.

The Swiss bank recently announced the departure of Sylvia Coutinho, head of Latin America and country chief for Brazil, who will step down after more than a decade at UBS. Coutinho will be replaced by Daniel Bassan, who has been running UBS’s joint venture investment-banking business, UBS BB.

Read More: UBS Latin America Head Sylvia Coutinho to Depart at Year-End