The New York Times
12 Aug 2008
By JULIA WERDIGIER
Trying to salvage its reputation, the Swiss banking giant UBS announced changes on Tuesday that would separate its struggling investment banking business from its lucrative wealth management operation.
The banks’ three main units are wealth management, a prized division that focuses on banking for private clients; asset management; and the investment bank, where the brunt of the recent losses at the bank have occurred.
Separating the three would give each greater autonomy and “maximum strategic flexibility,” UBS said. Some shareholders said the split was intended to facilitate a sale, but the bank’s chairman, Peter Kurer, said the businesses were not for sale.
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