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UBS said to scale back wealth management in Moscow

Moscow Traffic

UBS plans to scale back its wealth-management activities in Moscow that serve clients who deposit their funds offshore as the bank streamlines operations in some emerging markets, according to two people with knowledge of the decision.

Russia sanctions threatens London deals

London

Russian companies have made $180bn in deals globally in the past two years, providing steady profits to London bankers, lawyers, and image crafters as the city has become a hub for such transactions. Sanctions being imposed by the U.S. and European Union threaten that business.

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Moscow Traffic

UBS said to scale back wealth management in Moscow

UBS plans to scale back its wealth-management activities in Moscow that serve clients who deposit their funds offshore as the bank streamlines operations in some emerging markets, according to two people with knowledge of the decision.