October 22, 2019 / 8:49 AM / a month ago

BRIEF-UBS CFO: investment bank headcount cuts will be fairly senior

Oct 22 (Reuters) - UBS Group AG:

* CEO SAYS NOT SATISFIED WITH INVESTMENT BANK PERFORMANCE OVER THE QUARTER

* CFO SAYS $90 MILLION COST REDUCTIONS FROM INVESTMENT BANK RESTRUCTURE WILL BE 100% PERSONNEL COST REDUCTIONS; GROSS REDUCTIONS WILL BE HIGHER

* CEO SAYS ASKED NEW WEALTH MANAGEMENT CO-HEAD IQBAL KHAN TO EXPLORE OPPORTUNITIES OVER FIRST 60 DAYS TO REFOCUS WEALTH MANAGEMENT BUSINESS WITH CO-HEAD TOM NARATIL; WILL DISCUSS IN DECEMBER

* CEO SAYS STRATEGIC UPDATE TO BE PROVIDED IN JANUARY WILL ADDRESS WHETHER CERTAIN INITIATIVES NEED TO BE SLOWED DOWN OR ABANDONED GIVEN MARKET CONDITIONS, RE-EXAMINE PROFITABILITY GOALS

* CFO SAYS OVERALL REDUCTIONS IN INVESTMENT BANK HEADCOUNT WILL BE BROAD-BASED ACROSS FAIRLY SENIOR LEVELS

* CEO SAYS NEXT UPDATE ON FRANCE TAX CASE WILL BE ON NOVEMBER 4, WILL LIKELY FIND OUT DATE OF APPEAL TRIAL

* CFO SAYS NO INTENTION TO SHRINK INVESTMENT BANK’S CAPITAL ALLOCATION FROM ONE-THIRD OF BANK’S OVERALL CAPITAL FOOTPRINT

* CEO SAYS WILL NOT PASS ON NEGATIVE INTEREST RATES TO RETAIL AND AFFLUENT CLIENTS Further company coverage: (Reporting by Brenna Hughes Neghaiwi)

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