People Moves
UBS Cuts Three Advisors From Canada Team

UBS has laid off three financial advisors from its Canadian network in a bid to consolidate operations in the country, media reports show.
Toronto-based advisors Mike Ralph, Paul de la Roche, and Aaron Martin have left the company, in a move that is consistent with the bank's recent announcement that it is slashing 3,500 jobs worldwide to reduce annual expenditure. (See related story here.)
In a statement to the media, UBS spokesperson Karina Byrne was quoted as saying that while the moves do not mean the Swiss bank is reducing its exposure to Canada, the company prefers to have a few key people with the most experience in the market. The Canadian advisor head count now stands at 26.