UBS AG is shopping around its U.S. wealth management business to a number of suitors as part of a global repositioning of the beleaguered Swiss bank, according to people with direct knowledge of the matter.
From the Wall Street Journal:
NEW YORK — UBS AG is shopping around its U.S. wealth management business to a number of suitors as part of a global repositioning of the beleaguered Swiss bank, according to people with direct knowledge of the matter.
The Zurich-based bank has held talks with Morgan Stanley and Wachovia Securities about a potential deal late last year, the people said. UBS has also approached other big U.S. banks like J.P. Morgan Chase & Co. and Bank of America Corp. to gauge interest in a combination.
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