Zurich  — UBS Group plans to cut as many as 500 private banking jobs as the lender moves forward with a wealth management overhaul aimed at strengthening regional units and speeding up decision-making.

UBS will split up the private banking business in Europe, the Middle East and Africa (EMEA), giving Caroline Kuhnert responsibility for Central and Eastern Europe and Ali Janoudi the Middle East and Africa. Christine Novakovic, who has led the entire region until now, will keep Western Europe...

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