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UBS closure of SSA business raises larger questions
The sovereign, supranational and agency business at UBS was sacrificed as the bank moves to become capital light, a senior official said, noting that fixed income is relatively asset intensive. The decision raises questions about the business in general. "SSA clients have been very inflexible at looking at two-way [credit-support annexes], and with capital so scarce and expensive, the numbers just didn't add up," a senior UBS banker said.
Reuters/International Financing Review (01 Nov.)
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