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)
- Flights delayed as air pollution hits record in Shanghai
- White House reverses, says Obama met uncle and lived with him during law school
- South Africa mourns Mandela, will bury him on December 15 |
- French launch Central African Republic mission but deaths mount
- Supreme Court to decide on patent protections for software
Nelson Mandela: 1918 - 2013
Reuters looks at the life and times of Nelson Mandela, an icon of peace and reconciliation who came to embody the struggle for justice around the world. Video