18 Nov '11, 10pm

UBS cuts profit target, shrinks investment bank: NEW YORK - Swiss banking giant UBS has announced its first cash...

NEW YORK - Swiss banking giant UBS has announced its first cash dividend in five years, lowered its target for profitability and said it would shrink its investment banking division to concentrate on its core business of wealth management. "We have chosen to substantially reduce the risk profile of the bank by exiting and downsizing businesses which are not value added to our client franchise or deliver unattractive risk-adjusted returns," UBS chief executive Sergio Ermotti said yesterday at a meeting with investors in New York. UBS said it would exit most proprietary trading, adding that its investment bank would dump capital-intensive businesses like asset securitisation and complex structured products. Mr Ermotti, who took charge on an interim basis after his predecessor Oswald Gruebel quit in September following the bank's US$2.3 billion (S$2.98 billion) loss from unau...

Full article: http://www.todayonline.com/Business/EDC111119-0000037/UBS...

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