UBS AG plans to close its oil, base metals and agriculture trading desks as Switzerland’s biggest lender shrinks its investment bank, according to a person with direct knowledge of the decision.
The bank plans to keep its index-investor products and precious-metals trading, said the person, who asked not to be identified because the details are private. UBS declined to comment.
Zurich-based UBS announced plans yesterday to cut about 10,000 jobs as Chief Executive Officer Sergio Ermotti scales back the investment unit to focus on wealth management.
SparkSpread, a publication that provides energy financing and trading news, reported the UBS commodities cuts yesterday.