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UBS to Shake Up U.S. Brokerage: Report

Joseph Woelfel

Swiss banking giant UBS(UBS Quote) could shake up top management at its U.S. brokerage business after deciding against selling the operation, the Financial Times reports, citing people familiar with the matter.

UBS has repeatedly considered a sale of its U.S. wealth management business, which consists mainly of PaineWebber, and held unsuccessful talks with Morgan Stanley(MS Quote), among others, late last year, the Financial Times reports.

A UBS spokeswoman in New York said the bank doesn't plan to sell its U.S. wealth management business and remains "committed to it," according to Reuters. She declined to comment on the report of the management shake-up.

The Financial Times reports that UBS has contacted senior financial figures to gauge their interest in taking a top role in its U.S. brokerage business. It isn't clear whether they were being asked to replace Marten Hoekstra, the head of UBS's wealth management operations in the Americas, or to work alongside him.

Separately, Sonntag reports that UBS wants to sell its entire real estate portfolio, including its Chicago skyscraper, UBS-Tower. The newspaper cited unidentified bank sources in its story.