Swiss bank UBS interim CEO Sergio Ermotti has decided to cut the scope and size of its investment banking unit while ruling out a sale, The Wall Street Journal reports. This downsizing is being done in order to increase UBS’s focus on its wealth management business.
Ermotti was appointed to the role following Oswald Grübel‘s resignation after UBS’ investment bank lost $2.3 billion due to alleged rogue trading. The interim CEO plans to overhaul UBS’s troubled investment bank. The majority of changes are likely to be in the investment bank’s fixed-income business.
Click here for the story from The Wall Street Journal.