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

Reuters

UBS 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 center and wealth management market globally," Ermotti told a gathering of business people here.

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(Reporting By Katharina Bart)