UBS, which has been taking steps to ensure key businesses can be broken off in a crisis, plans to shift some internal operations into legally separate service centers that can continue supporting individual subsidiaries after an emergency, according to SonntagsZeitung.
Independent entities would be created for key regions, such as the Americas, Europe and Asia, it said. The process may take two to three years, as contracts are drawn up between units and as assets and intellectual property are transferred.
Not all decisions have been made, the paper cited a UBS spokesman as saying. The moves are part of a restructuring expected to generate additional costs of more than $107m before completion.
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