UBS to split investment bank from wealth management division

The split will see the separation of its Investment Bank from its Global Wealth Management and Business Banking divisions as they, along with the Global Asset Management division, become the three units going forward. The separation is a bid to make the company more effective and agile in managing trends in the financial industry - including the uncertain near-term outlook for global financial markets and potential changes in regulatory capital requirements. "Our review has clearly revealed the weaknesses associated with the integrated 'one firm' business model," said Peter Kurer, cha...