THE BASIS POINT

WSJ Checklist to Fix UBS

 

WSJ Checklist to Fix UBSToday, the Wall Street Journal ran their latest round up of UBS woes. But it wasn’t so much the story itself that’s news but the checklist they ran in their print edition on the cover of the Money and Investing section. The checklist pretty much sums it all up. This is what is before new chairman Peter Kurer who took over after longtime chairman Marcel Ospel was ousted in April 2008 — and also following the ousting of CEO Peter Wuffli in July 2007. We also summed up our position on UBS last week. Our big question is whether it really makes sense to sell Paine Webber which is their Wealth Management division. That was the core of their US expansion strategy, and now abandon it after eight years? Why not sell the Investment Bank division? Either way, if you think the Bank of America / Countrywide merger is interesting, this UBS saga is another big one to add to your list.

 

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