UBS Units Split, Morgan Stanley Bid Snub: Compliance
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UBS AG, Switzerland's biggest bank, announced plans to separate its investment banking and wealth management units after four consecutive quarterly losses.
Chairman Peter Kurer said today that the Zurich-based bank will give its three business divisions greater autonomy to increase ``strategic flexibility.'' The decision adds to speculation the company may jettison the securities unit, JPMorgan Chase & Co. analyst Kian Abouhossein said in a note to clients.