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UBS quits the US muni business
UBS is getting smaller by the minute.
The Swiss bank, not content with selling off its subprime mortgage portfolio, slashing a few thousand jobs and repeatedly losing a ton of money, has decided to exit the US municipal bond business.
Jerker Johansson, the chief executive of the investment banking unit, plans to either sell or close the New York-based municipal securities department as part of a broader focus on businesses that can meet “return on capital targets'’ and that have “future growth potential.'’
The exit, according to CreditSights analyst Simon Adamson, “is symbolic, because it marks a retreat from its days of aggressive expansion in the US.'’
UBS has been a major player in the municipal bond market: in 2007, it ranked third behind Citigroup and Merrill Lynch in terms of bond sales arranged for state and local governments. The bank is also one of the firms facing lawsuits from angry clients who bought auction-rate securities, and a separate but related investigation by Andrew Cuomo, New York attorney-general.
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