Oswald Grübel, UBS's chief executive, wants to shake up the top managerial ranks of the embattled bank's brokerage business in the US after deciding against a sale, according to people familiar with the matter.
UBS has repeatedly considered a sale of its US wealth management business, which consists mainly of the Paine Webber unit acquired in 2000 for $10.8bn, and held unsuccessful talks with Morgan Stanley, among others, late last year.
After taking over at the Swiss bank in February, Mr Grübel, former chief executive of Credit Suisse, also looked at offloading the business, which sells financial products to wealthy clients.
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