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Chief Executive Officer Sergio Ermotti said UBS has begun to cut costs in wealth management following the merger of the U.S. and international division into one super-unit that manages about $2.4 trillion.

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The expansion is designed to help the bank reach its goal of “double-digit growth rates” for the wealth-management division in both Canada and the U.S.

UBS has begun to cut costs in wealth management following the merger of the U.S. and international division into one super-unit that manages about $2.4 trillion.