UBS has again squashed the idea that it intends to sell the wealth management business in the Americas, a report said.

It seems every time there is a problem for UBS, the Swiss bank has to knock down the suggestion that it wants to sell its US-based wealth management business. Yesterday was no exception.

UBS has no plans to sell its Americas business, according to an internal memo sent to staff that has been seen by On Wall Street, the newsletter.

“We want to reassure you that wealth management at UBS has a global footprint and is a core pillar at the firm’s integrated business model,” the memo, signed by UBS chairman Kaspar Villiger and interim chief executive Sergio Ermotti, said. “The continued success of our Wealth Management Americas business is essential to maintaining that footprint and helping achieve our strategic vision. Again, this business is not for sale.”

There have been persistent rumours that UBS may sell its Americas wealth management arm, although, just as persistently, they have been denied.

The latest woes for the Swiss bank have also revived debate about whether UBS’s integrated banking model – like that of major peers such as Citigroup and Credit Suisse – is beneficial to wealth management clients. UBS said over the weekend that after reviewing its business model, it intends to stick with the integrated approach.

UBS, Swiss and UK regulators are investigating circumstances leading to the $2.3 billion trading loss caused by a rogue trader. At the weekend, UBS said that UBS CEO Oswald Grübel had resigned and will be replaced, on an interim basis, by Sergio Ermotti. Ermotti is head of Europe, the Middle East and Africa and a former deputy CEO of UniCredit.

Last week, Robert McCann, the UBS wealth management boss in the Americas, said that business at the firm was “stronger than ever”.

Results for the second quarter of this year showed that UBS's wealth management business was profitable in all regions, including the Americas. 

UBS no longer provides offshore banking to wealthy US citizens, a move taken by its Swiss peers. In 2009, UBS settled criminal and civil legal cases after it had been accused of aiding US nationals to evade tax. It transferred some client account details to US authorities, in a move seen as a partial breach of Swiss bank secrecy law.