In a sign of the increasingly difficult times, UBS announced this week that it would be splitting its global wealth management business into two divisions – one covering the US and another covering the rest of the world.
However, according to reports out of the US, the move has failed to dampen speculation that UBS ultimately intends to spin off the business.
Analysts pointed out that while the Wealth Management International and Switzerland business had posted a profit for the fourth quarter of last year, the US business had posted a pre-tax loss.
