UBS plans to overhaul its wealth management business in the United States, splitting the operation into six divisions and focusing more on clients that are not super wealthy, according to an internal memo and a media report on Tuesday.

Swiss banking giant UBS is reportedly planning to restructure its US wealth management operations, targeting client focus beyond the ultra-wealthy. The restructuring forms part of UBS’ efforts to close the profitability and size gap with larger competitors such as Morgan Stanley and Bank of America's Merrill Lynch,

UBS Group (NYSE:UBS) made organizational changes to its U.S. wealth management business in an effort to drive higher profitability, according to a media report dated Tuesday. The U.S. wealth advisory structure will shift to four regional units from two divisions,