UBS, the bank that’s eliminating 10,000 jobs as it retreats from fixed-income, isn’t giving up on the $550bn commercial-mortgage bond market.
Bloomberg reports that the bank is teaming with mortgage-bond pioneer Lewis Ranieri’s Situs to reduce headcount by shifting 30 of its bankers to the consulting firm where they are originating and underwriting commercial mortgages, said Ken Cohen, the New York-based head of the CMBS group at UBS. The lender will continue to trade and issue securities linked to everything from strip malls to skyscrapers.
The news organisation also reports that UBS has obtained a license to operate as a bank in Brazil after seeking authorization for more than two years, a person with direct knowledge of the decision said.
Brazil President Dilma Rousseff’s approval could be published in the nation’s official newspaper, Diario Oficial, as soon as this week, said the person, who asked not to be identified because the decision isn’t public yet.