The robo-advisor will bring $27 billion in assets and 470,000 U.S. clients to UBS.
The bank's strategy has hinged in the past decade on its ability to cater to the needs of the super rich.
Moving forward, UBS will attempt to implement artificial intelligence to lower its operating costs.
To return to normal, or to embrace the new normal: That is the question faced by financial firms.
The move by UBS is in stark contrast with many of its U.S. rivals that are calling most workers back to the office.
Global household wealth totalled $418 trillion at the end of 2020, rising 7.4% from 12 months previously.
The collapse of Archegos Capital's hedge fund continues to reverberate around the financial world.
The company's investment bank head and chief risk officer were among the executives replaced after a trading debacle.
The company seeks to turn around a unit that has been hit by fund implosions in the wake of the pandemic.
UBS will increase fixed compensation for those it found were underpaid while reducing their variable pay.
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