UBS says remains committed to US brokerage

July 6th, 2009


NEW YORK/ZURICH, July 6 (Reuters) – UBS said it is still committed to its U.S. brokerage business, after the Financial Times on Sunday reported the chief executive now favoured a management shake up instead of a sale.

UBS has repeatedly considered a sale of its U.S. wealth management business, which consists mainly of the Paine Webber unit acquired in 2000, and held unsuccessful talks with Morgan Stanley, among others, late last year, the FT said. A spokeswoman at UBS in New York told Reuters the bank does not plan to sell its U.S. wealth management business and remains “committed to it”.

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