UBS is to reduce the size of its investment banking business as it looks to make its portfolios more manageable. The news follows the release of a report on Monday blaming its recent difficulties on poor risk control, a lack of clear management structures and an uncontrollably fast build up of banking activities. Since the start of the credit crisis, UBS has written off £38 billion, effectively cancelling out any profits made since 2004.
Last week UBS asked shareholders to approve a rights offer worth an estimated $15 billion as they attempt to raise capital. The move comes just two months after shareholders were last asked to approve proposals designed to raise $13 billion. Despite their problems, UBS remain the world’s largest wealth management company with an estimated $3 trillion under its management.
UBS to Narrow Investment Banking Activities
UBS to Narrow Investment Banking Activities
Thu, 24 Apr 2008
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