UBS's FX strategy: UBS reaffirms commitment to FX

By:
Peter Garnham
Published on:

UBS plans to strengthen its FX and precious metals business in the wake of October’s restructuring, which saw it shrink its investment bank and withdraw from a number of fixed-income businesses.

The Swiss bank, which ranked fourth in this year’s Euromoney FX Survey, said in a statement on Thursday that its aim was to grow its leading position in FX and precious metals (FXPM).

"We will retain a full presence and capability in FX and Precious Metals, which has been, and will continue to be, one of our core businesses," UBS said.

"The bank’s dedication to UBS’s award-winning FXPM franchise is clear and as a result of a more focused strategy we will be able to direct more resource and capital to support this business."

UBS said the changes announced last month, which aim to see the investment bank save SFr3.4 billion and could see it cut 10,000 jobs globally, reaffirmed its commitment to its FX clients.

UBS said it is one of the world’s leading banks in FXPM and that the division provides outstanding advice, execution and efficiency to its financial institution, corporate and private clients worldwide.

"Our investment bank will be built on its traditional strengths of providing corporate and investor clients with advice, financing, bespoke solutions and superior execution," the bank said. "We already excel, and will further invest, in all of these areas."