UBS’s board supports the strategy of keeping the investment bank to help provide services needed by the company’s ultra-rich clients in wealth management, Chairman Axel Weber said.
'We clearly have a lot of demand for a client-centric investment bank to help us in wealth management and the board fully appreciates that', Weber said in an interview with Francine Lacqua at the World Economic Forum in Davos. 'There is no difference between us and group management on that issue'.
Bloomberg News reports that CEO Sergio Ermotti said last week UBS isn’t considering a spinoff of the investment bank, disputing an earlier report by Mediobanca SpA analysts.
Weber called the investment bank an 'integral part of the new UBS', as the unit has been scaled down since 2012 to focus on equities trading and capital market businesses.
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image: © Martin Abegglen