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ZURICH (Reuters) - UBS Group is reorganising its flagship wealth management business in the Europe, Middle East and Africa region and streamlining management, according to a staff memo seen by Reuters and confirmed by the Swiss bank.
Christl Novakovic will continue to lead its European business. Caroline Kuhnert was appointed head of Central and Eastern Europe and Ali Janoudi head of the Middle East and Africa, the memo said.
It marks the first big change since former Credit Suisse executive Iqbal Khan joined UBS as co-head of wealth management last year. UBS is the world's biggest wealth manager with $2.5 trillion in invested assets.
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It did not specify the extent of job cuts to accompany the revamp.
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