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Rumors about the potential sale of UBS' PaineWebber wealth management
unit have investors worried that the Swiss bank's problems are more
serious than they thought.
UBS shares pared 3.3%, or Sfr0.74, to Sfr21.66 in afternoon Zurich trade after a report the bank would divulge fresh write-downs of up to Sfr7 billion ($6.87 billion) and may be considering a sale of its U.S. money manager.
The bank is the hardest hit in Europe and has already written off $37 billion in bad investments related to U.S. subprime mortgages. Analysts discounted the chance of a sale of any significant UBS subsidiary. A sale of PaineWebber, which UBS bought in 2000 for $12.2 billion, also made little sense since the company is UBS' foothold in the world's biggest economy. "It depends, however, on what solutions could possibly be found," said SEB AG analyst Manfred Jakob. With its balance sheet ailing, UBS may be open to lucrative offers that could also be structured to allow the bank to regain control when it's back on its feet, Jakob said. -- Andrew Bulkeley See full story coming shortly on TheDeal.com See related: UBS may sacrifice the old Paine Webber Categories Deal Video
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