In his testimony, Sheik Meshal said that Omar Al Salehi, the UBS vice chairman of investment banking in the Middle East, offered him the fee at a meeting in mid-2009 when enlisting his help on the Zain deal.
One aim of the reorganisation at UBS is to stop its investment-banking arm from funding itself with inexpensive capital thrown off by the wealth-management arm.
The issues triggered a new strategy at UBS which aims to scale down its investment banking business and instead focuses on wealth management business and its Swiss bank.
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"We have long argued that UBS has been over-investing in its investment-banking business, " wrote JPMorgan's Kian Abouhossein in a note to clients.
"If Bristol were to up its offer at this time, it would only be competing with itself, " said UBS analyst Roopesh Patel, whose firm has provided investment banking and other services to Bristol-Myers.
That drastically changed on Monday, when UBS announced it was culling 1, 500 jobs from its investment-banking division, or 6.7% of the 22, 300 staff in the unit.
With new management holding the reins -- the bank's chief executive was replaced by MarcelRohnerMarcel Rohner in July , who also took over the investment-banking division Monday from Huw Jenkins -- UBS had a "clean sheet" to work with.
With new management holding the reins -- the bank's chief executive was replaced by Marcel Rohner in July , who also took over the investment-banking division Monday from Huw Jenkins -- UBS had a "clean sheet" to work with.
Some firms that did badly still booked pay costs that pushed their investment-banking units into the red most notably UBS. Its chief financial officer was brutally honest to analysts.
The U.S. market will also get a crack at reacting to news that UBS is preparing to ax multiple business lines and lay off 10, 000 in its investment banking division.
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"We have long argued that UBS (nyse: UBS - news - people ) has been over-investing in its investment-banking business, " wrote JPMorgan's Kian Abouhossein in a note to clients.
Purcell told the attendees at a financial services conference sponsored by UBS (nyse: UBS - news - people ) that the morale issues were contained to equities and investment banking and that things are fine in asset management.
Swiss bank UBS has announced it is cutting 10, 000 jobs worldwide as it tries to cut costs and slims down its investment banking activities.
BBC: UBS cuts 10,000 jobs as it slims down investment bank arm
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