UBS to Shake Up U.S. Brokerage: Report

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. ...