Oswald Grübel, UBS’s chief executive, wants to shake up the top managerial ranks of the embattled bank’s brokerage business in the US after deciding against a sale, the FT reported, citing people familiar with the matter. UBS has repeatedly considered a sale of its US wealth management business, which consists mainly of the Paine Webber unit acquired in 2000 for $10.8bn, and held unsuccessful talks with Morgan Stanley, among others, late last year.  As part of his determination to fix and expand an operation that has been hampered by underperformance and a long-running battle with US tax authorities, Mr Grübel is said to be looking for a new leader for the US operations.

This entry was posted by Stacy-Marie Ishmael on Monday, July 6th, 2009 at 4:50 and is filed under Capital markets, People. Tagged with morgan stanley, Oswald Grbel, ubs. Edit this entry.