In an effort to cut costs and allow for more lending in higher-growth markets, UBS Group will be changing the legal structure of its international wealth management unit. As reported by InvestmentNews, the project, known as "Rigi," will involve transferring large customer deposits from its Swiss entity to UBS AG. Rigi is expected to continue through 2022. The goal of the project is to boost lending outside of Switzerland. InvestmentNews reported that UBS is aiming to lend $20 billion to $30 billion per year to wealthy clients outside of the bank's home market.

Rigi is one of several changes being made at the bank. The wealth management unit is reportedly cutting 500 jobs and removing layers of management. The goal of these changes is to cut costs. UBS will also be welcoming a new CEO, Ralph Hamers, later this year. Hamers, who had been at ING Groep, will replace Sergio Ermotti. While at ING, Hamers was a proponent of digital banking and cost-reduction programs.

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