'UBS To Exit Key Muni Investment Banking Business, Plans Job Cuts; Bank To 'Shift' Away From Negotiated Muni Bond Sales: Memo; UBS Is The 20th Biggest Muni Underwriter So Far In 2023' - Bloomberg
Portfolio Pulse from Benzinga Newsdesk
UBS Group AG is planning to halt most of its municipal bond underwriting business, which is expected to result in staff cuts. The bank, currently the 20th biggest underwriter, will shift away from negotiated muni bond sales and reorganize its public finance group.
October 10, 2023 | 7:14 pm
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UBS Group AG's decision to halt most of its municipal bond underwriting business and shift away from negotiated muni bond sales could potentially impact its revenues and workforce.
UBS Group AG's decision to halt most of its municipal bond underwriting business could lead to a decrease in revenues from this segment. Additionally, the expected staff cuts could lead to a decrease in operational capacity in the short term. Therefore, the stock price might be negatively affected in the short term.
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