UBS Combines Investment Banking Operations
News: Swiss bank UBS has combined its currency, interest rates and credit trading businesses into one unit. The move forms part of the bank's strategy to shrink its investment banking operations and shift focus from riskier trading activities to its wealth management and retail operations. In 2012, both the foreign exchange businesses and the rates and credit trading operations at UBS had been slimmed down as part of the bank-wide restructuring, wherein the bank's staff reduced by 10,000 jobs. However, no further job reduction is expected in those businesses.