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UBS Mulls Management Shakeup At US Brokerage Division - Report
Tom Burroughes
6 July 2009
Oswald Grübel, UBS’s chief executive, wants to shake up the top managerial ranks of the Swiss bank’s brokerage business in the US after deciding against a sale, according to people familiar with the matter, the Financial Times said.
UBS has repeatedly considered a sale of its US wealth management business, which consists mainly of the Paine Webber unit acquired in 2000 for $10.8 billion, and held unsuccessful talks with Morgan Stanley, among others, late last year. The publication, quoting unnamed sources, said UBS had contacted senior figures in the financial industry to sound them out over taking a top role in its US brokerage business. It is not clear whether they were being asked to replace Marten Hoekstra, the head of UBS's wealth management operations in the Americas, or to work alongside him, the report said.