UBS sued after 'drastic downscaling and disposal of its investment banking arm'

Honey I Shrunk The Banks

An asset management firm founded by former Goldman Sachs partner Vishal Gupta sued UBS, saying investment banking cuts at the firm have undermined a joint venture.

Bloomberg News reports that Decura IM Investments LLP is seeking to terminate a 2012 contract under which it would provide 'managed accounts' and 'algorithmic strategies' for UBS customers, according to the bank’s documents at a pre-trial hearing in London.

UBS has undertaken a 'drastic downscaling and disposal of its investment banking arm', Decura’s lawyer Andrew Fulton told a judge as he sought an accelerated trial in the dispute. Decura argues the bank is now 'unable to market the services we are providing'.

UBS has cut about 4,000 jobs since late 2012 and is exiting most debt-trading activities while focusing on its wealth management business.

To access the complete Bloomberg article hit the link below:

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