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The bank said in a statement that it 'explored a number of alternatives to exit the institutional municipals business and determined that, because of the complexities of selling the business in the current market, and limited market capacity for a business of this size, a sale of the business was unlikely in the near term'. UBS will move its secondary municipal market trading desks into its wealth management division.
Associated Press reports that Fidelity Investments is to cut 550 US and international jobs following a restructuring of the business. The latest cull, said to be the firm's third since the current downturn began, represents around 1% of headcount, and the cuts will come from HR and other support functions, but not from Fidelity's money management operations which oversees the firm's 400 mutual funds.
Bloomberg reports that NYSE Euronext has offered 25% of its US employees the option to take voluntary severance as part of its three-year plans to cut costs. The offer will affect around 450 staff, and expires later this month.
Finally, the news agency also reports that Commerzbank CFO Eric Strutz has confirmed that his bank would be open to a three-way merger with Dresdner Bank and Deutsche Postbank (as long as the deal was right).
