UBS says U.S. brokerage unit is "not for sale"
NEW YORK (Reuters) - Swiss banking giant UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz), struggling with heavy mortgage losses, on Friday denied market speculation that it was seeking a buyer for its U.S. wealth management unit.
Analysts and investors have called on UBS, whose shares have struggled amid a series of trading and investment missteps, to shed volatile capital markets businesses and focus on its most profitable assets: private banking and asset management.
One unit that has been the subject of recurring speculation about the U.S. brokerage, a division built around its purchase of New York's PaineWebber Group in 2000.
"This business is not for sale. Wealth Management U.S. continues to be part of our leading global wealth management franchise," said Rohini Pragasam, a spokeswoman for the bank.
(Reporting by Joseph A. Giannone)
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