Breakingviews | Painewebber

Considered view

11 Feb 2009 15:08

No gain, no Paine

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The Swiss group just cleaved its US brokerage from the “core” Swiss wealth management arm, and hasn’t denied mooted sale talks. The unit represents a tiny fraction of UBS’s profit and merging rivals pose a bigger threat. If it is “integral”, as UBS says, then it should bulk up.

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