UBS AG has no plans to sell its U.S.-based wealth management business as the firm moves to find a new permanent chief executive and cope with its $2.3 billion rogue trading loss, UBS executives said in an internal memo sent to its Wealth Management Americas employees on Monday.
“We want to reassure you that wealth management at UBS has a global footprint and is a core pillar at the firm’s integrated business model,” the memo, signed by UBS Chairman Kaspar Villiger and interim Chief Executive Sergio Ermotti, said. “The continued success of our Wealth Management Americas business is essential to maintaining that footprint and helping achieve our strategic vision. Again, this business is not for sale.”
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