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Swiss banking giant UBS is reportedly planning to restructure its US wealth management operations, targeting client focus beyond the ultra-wealthy. The restructuring forms part of UBS’ efforts to close the profitability and size gap with larger competitors such as Morgan Stanley and Bank of America's Merrill Lynch,

UBS Group (NYSE:UBS) made organizational changes to its U.S. wealth management business in an effort to drive higher profitability, according to a media report dated Tuesday. The U.S. wealth advisory structure will shift to four regional units from two divisions,