Once a profitable venture, UBS is packing up and saying goodbye to its US municipal bond issuing business. Reduced staffing will ensue.
According to the newspaper, which quoted persons familiar with the situation, it will close the majority of its municipal bond issuing business, leading to personnel reductions, the exact nature of which is unknown. UBS is one of the top twenty underwriters of US municipal bonds. The biggest bank in Switzerland brought back state and municipal … Read more