Zurich-based UBS, the world’s largest wealth manager has imposed a partial hiring freeze in its wealth-management business as part of efforts to trim costs, according to «Bloomberg».

The spending cuts are believed to relate to support functions, and not client advisers. The bank has previously signaled it will lower spending, including by cutting jobs and streamlining how it is set up. 

The cuts exclude Canada and the U.S., where UBS is actually lifting pay for top-performing brokers, while easing off recruitment efforts after winning an unusually high number of brokers off rival Credit Suisse. 

Doyen of the City

The moves comes as the Swiss banking giant creates a tailor-made position for the former chairman of the London Stock Exchange, Chris Gibson-Smith.

The financial industry heavyweight is expected to be named vice president of UBS' corporate client solutions (CCS) division in Europe. This is essentially a part-time advisory role, specifically created by the Swiss bank for the 70-year-old doyen of the City.

UBS is scheduled to report second-quarter earnings on July 29.