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  1. Wealth
April 1, 2009

Forbes: UBS to close art banking department

By Spear's

UBS AG, the Swiss bank hit hard by the financial crisis, said Wednesday it has closed its “art banking” department, which helps rich clients buy and build collections.

From Forbes:

UBS AG, the Swiss bank hit hard by the financial crisis, said Wednesday it has closed its “art banking” department, which helps rich clients buy and build collections.

The department was created in 1998 and provided customers with research on prices and artists, and consulted them on estimates, transport, storage, restoration and inheritance of art works.

UBS (nyse: UBSnewspeople ) will cut 11 jobs as a result of the move. It will look for internal and external solutions for the affected employees, said Tatiana Togni, spokeswoman for Switzerland’s largest bank.

The company will continue to offer gold and coin services as part of its wealth management business.

To read the full story, visit forbes.com

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