UBS has retrained 350 of its back-office employees in automation software and has asked its entire investment banking staff to come up with ideas for digitising the company, as it looks for more ways to use technology to overhaul its business. The Swiss bank has been rolling out “robots” – by which it means algorithms that automate back-office processes – across its operations division, in a bid to cut costs and streamline its business, according to Chris Gelvin, head of group operations. ...
UBS has retrained 350 back-office workers in automation software as part of its digitisation drive that began in 2016. The Swiss bank is seeking to automate processes to cut costs and streamline its operations, said group operations head, Chris Gelvin. UBS has 2,000 algorithms – or robots – that perform processes such as clearing and settlement. The 350 trained staff can now develop algorithms, while a further more than 1,000 employees have been given basic automation training.