Page 979 


UBS top for covered bonds

Sergio Ermotti Interview Pic

UBS is arranging more covered bonds than its competitors for the first time in at least 15 years even after the bank scaled back its fixed income business and focused on wealthy clients.

Morgan Stanley eyes pay cut

Morgan Stanley building

Morgan Stanley wants to pay out a smaller portion of wealth management revenue to the retail brokers who generate it, the final and perhaps most difficult front in Chief Executive James Gorman's drive to reduce staff costs across the bank.