UBS Singapore meeting may decide to lower assets, T-A says

UBS AG’s board meeting in Singapore may decide on a plan to lower risk-weighted assets by a third from the current 130 billion francs ($186.77 billion), Tages- Anzeiger reported, without saying where it got the information.

 

The plan would free up about 10 billion in equity, the report said. Chief Executive Officer Oswald Gruebel plans to head the strategy shift and a downsizing of the investment bank, the newspaper said. If Gruebel doesn’t get “unequivocal support,” he may step down, Zurich-based Tages-Anzeiger said.

 

The meeting is taking place as of tomorrow, according to the report.