UBS Said to Plan Closing Oil, Base Metals, Agriculture Trading
UBS AG (UBSN) plans to close its oil, base metals and agriculture trading desks as Switzerland’s biggest lender shrinks its investment bank, according to a person with direct knowledge of the decision.
The bank plans to keep its index-investor products and precious-metals trading, said the person, who asked not to be identified because the details are private. UBS declined to comment.
Zurich-based UBS announced plans yesterday to cut about 10,000 jobs as Chief Executive Officer Sergio Ermotti scales back the investment unit to focus on wealth management.
SparkSpread, a publication that provides energy financing and trading news, reported the UBS commodities cuts yesterday.
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