UBS’ U.S. wealth management business showed continued improvement from the depths of the financial crisis with $1.51 billion in revenue for the second quarter, while executives at the Swiss bank continued to deny plans to sell its U.S. wealth division on Tuesday.
“We must have a leading wealth management business in the Americas, Asia Pacific and Europe and Middle East regions, which represent the greatest opportunities for growing our wealth management franchise, which also means, as I have said before, that our wealth management business in America is not for sale,” UBS Group Chief Executive Officer Oswald Gruebel said during a presentation of UBS’ second quarter earnings.
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