NEW YORK Jan 23 The chairman of Swiss bank UBS
, 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
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.