The new co-leaders of UBS, Rob Karofsky and Iqbal Khan, stated in their first internal memo, which was leaked to the public on Thursday, that UBS is implementing adjustments to its wealth management sector.

As part of a reorganisation of its executive board, UBS said last month that it would divide its top wealth management position, giving Karofsky and Khan—two of the most likely candidates to succeed CEO Sergio Ermotti—new duties.

According to the email, UBS will combine a number of client products, including lending, alternative investments, investment management, family and institutional wealth management, and loans, under a new business called GWM Solutions that will launch on July 1.

Yves-Alain Sommerhalder, a former banker at Credit Suisse, will head the division.

The majority of UBS’s profits come from its primary business, wealth management. The Swiss bank, which last year acquired Credit Suisse through a state-sponsored bailout, is currently merging with its former competitor.

Additional changes include the creation of a separate business unit for Latin America “following our combination with Credit Suisse, and recognising its significantly increased size and potential,” according to the memo.

Marcello Chilov, the former CEO of Credit Suisse in Brazil, will serve as its leader.

Beginning on September 16, Michael Camacho, a banker with JP Morgan, will work for UBS as Head of Global Wealth Management U.S.

(Adapted from MarketScreener.com)