UBS AG Won’t Sell Its U.S. Unit, Villiger Tells SonntagsZeitung

UBS AG (UBSN) Chairman Kaspar Villiger said the bank isn’t discussing selling its U.S. wealth management business, SonntagsZeitung reported.

While the unit’s operations have been “disappointing,” UBS saw a turnaround in the first quarter, Villiger told the Zurich-based newspaper. Selling the business “is not an issue,” he said.

Villiger also said he can’t exclude further job cuts. Still, the bank wants to expand in certain areas and wants to regain market share in Switzerland, he said, according to the newspaper.

To contact the reporter on this story: Klaus Wille in Zurich at kwille@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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