UBS was a pioneer in the post-Glass Steagall world, being one of the largest firms to successfully combine banking, investment banking, wealth management and money management operations. This all happened around 2000, one year after the Gramm-Leach-Bliley Act repealed Glass Steagall in 1999. You & Us was the ubiquitous tagline to mark the era. An era that will now need to be re-branded, as UBS just admitted that Wealth Management and Investment Management are not necessarily a fit.
The prevailing message for now is that the company does not want to break itself up. But they will create more autonomy among the three core divisions: Wealth Management, Investment Banking, Investment Management. Click UBS tag below for all of our recent coverage of this issue.