UBS reducing proprietary trading, more focus stocks: Weber
NEW YORK (Reuters) - The chairman of Swiss bank UBS (UBSN.VX), Axel Weber, said on Wednesday that the bank will engage in less proprietary trading and is overweight equities.
The investment bank division of UBS "will be a lot more client-focused, less complex, less risk-taking, and doing much less proprietary trading," Weber told CNBC in an interview from Davos, Switzerland.
Weber also said UBS has invested more in stocks and corporate bonds, for which he sees upside.
"We have been moving to an overweight of equity," he said.
(Reporting by Sam Forgione)
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