(Bloomberg) -- UBS Group AG will eliminate numerous senior job titles as part of Chief Executive Officer Ralph Hamers' push to simplify the bank and cut costs.
The Zurich-based lender will discontinue all corporate ranks above managing director as of Jan. 1, according to a memo seen by Bloomberg. The ranks -- including group managing director, divisional vice chairperson and regional group chairperson -- will become managing directors, according to the memo.
Reuters reported the changes earlier. The new titles don't change the affected employees' roles, the bank said.
Hamers has made the digitization and streamlining of decision-making at the bank one of his signature initiatives since becoming CEO last year.
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