In the wake of UBS’s $2.3 billion rogue trading scandal, the beleaguered Swiss bank is shutting down its profitable debt restructuring business, the New York Post reported, citing unnamed sources.
According to the Post, UBS will integrate the debt restructuring unit with another unit that offers high-interest loans.
A UBS spokeswoman told the Post that the move does not mean UBS is “exiting the restructuring business.”
One of the paper’s sources told the newspaper that the debt restructuring unit added as much as $80 million to the UBS’s profit at very little cost.
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