UBS AG Chief Executive Officer Marcel Rohner confirmed analysts fears today that UBS, the largest Swiss bank will put its investment banking business on a much tighter leash.
UBS will no longer aim to offer everything to everyone in investment banking Rohner told investors at the annual shareholder meeting in Basel today.
Assets Under Management
UBS has about $3 trillion assets under management, making it not on Switzerlands’ biggest bank, but also the worlds largest wealth management company. But losses of almost $37.5 billion since July have long exceeded the $32 billion earned by the division in the past 10 years.
UBS shares have lost 55% of their value over the last 12 months. The bank eliminated 1,500 jobs at the end of 2007 and may well cut another 2,500 or 11% of the employee force in the investment banking division.
About UBS
UBS is one of the world’s leading financial services firms and a trusted name in investment banking. The company was founded in Switzerland over 150 years ago and has grown to become a global powerhouse, with offices in 50 countries across the world.
UBS provides wealth management, asset management, and investment banking services to private, corporate, and institutional clients worldwide. By utilizing cutting-edge technology and highly specialized advisors, UBS guides its clients through complex markets and toward successful investments.
With headquarters in Zurich, Switzerland, UBS’ team of professionals strive for continuous improvement in their services so that their customers can access best-in-class products at competitive fees.
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