UBS overhauls wealth business and cuts managers in big move under new boss

ZURICH (Reuters) - UBS is overhauling its flagship wealth management business, including shrinking its senior staff, in the first big strategic move under the division's new co-head Iqbal Khan as the bank looks to revive flagging profits.UBS is cutting up to three layers of management in the division, splitting up its Europe, Middle East and Africa (EMEA) business and giving local teams more autonomy, according to a staff memo seen by Reuters and confirmed by the Swiss bank.About 400-500 jobs..