![]() ![]() "We still have a rocky road ahead of us," said Kurer in the staff magazine. UBS is being helped in this review by investment bank Lazard, whose chief Bruce Wasserstein also advised it on its acquisition of Paine Webber in 2000. "It is imperative that we take another long, hard look at our strategy." "We have to expect that the regulatory authorities will put new requirements and regulations in place," said Kurer in the interview. It suffers from higher costs and thinner margins than the lucrative Swiss business. wealth management business, which employs more than 8,200 brokers, made just 183 million Swiss francs pretax profit in the first three months of this year. ![]() Since the acquisition, UBS has dropped the Paine Webber brand, which dates back to the 19th Century, and brought the business under the mantle of its UBS Wealth Management arm. In the June edition of a staff magazine, UBS Chairman Peter Kurer pledged to take a "hard look" at the group's strategy while underlining the need for every business to generate "sufficient profits." business is instrumental in offering investment solutions to America's wealthiest individuals." If you were to merge Paine Webber with another brokerage, for example, there would be huge cost synergies."Ī UBS spokesman declined to comment on whether Paine Webber was under review but said: "UBS is the largest wealth manager in the world and a significant portion of global wealth resides in the U.S. (A sale) is always an option," one of the sources told Reuters.Īnother said Paine Webber was "one of the assets that would be of serious interest to other people. But it is also the case that you have to make it more profitable. is a market where you have to be present. "If you are going to be a global wealth manager, then the U.S. The sale of Paine Webber, the broker it bought nearly eight years ago for about $10 billion as a bridgehead into North America, would be part of a review which is due to be concluded by October. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |