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UBS CEO: selling U.S.-based brokerage arm would be mistake

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(Globalpost/GlobalPost)

ZURICH (Reuters) - UBS <UBSN.VX> doesn't plan to sell its U.S.-based wealth management arm, the former Paine Webber brokerage, Chief Executive Sergio Ermotti said on Wednesday.

"It has always been my view that it would be a terrible strategic mistake for UBS not to have a significant presence in what is arguably the most important financial centre and wealth management market globally," Ermotti told a gathering of business people here.

(Reporting By Katharina Bart)

http://www.globalpost.com/dispatch/news/thomson-reuters/130313/ubs-ceo-says-no-plans-sell-us-wealth-management-arm