UBS has outlined long-awaited plans to shrink its business dramatically and refocus on its core wealth management operations, while making deep cuts to its investment bank.
The Swiss banking group plans to cut more of its investment bank staff and slash the risk-weighted assets in its investment bank almost by half in the next five years. But in a sop to investors, UBS will pay a token dividend this year and step up payments in future as a sign of its confidence.
The announcements came at an investor presentation in New York, where UBS executives acknowledged painful cuts to quit areas in its investment bank where risk-adjusted returns were unattractive.
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