UBS Luxembourg to move wealth management to Poland


Swiss bank UBS is relocating its Luxembourg-based wealth management services to Poland, it was announced Friday.

According to banking union ALEBA, the firm, which employs 60 people in wealth management in Luxembourg, took the decision in response to changing business requirements and increased costs.

After an initial meeting with the union, union officials confirmed that many of the existing employees will be reassigned other duties in Luxembourg.

UBS employs 413 people in Luxembourg.