Reuters: UBS + Wachovia?

Discussion in 'Stocks' started by rickf, Feb 3, 2009.

  1. rickf


    ...the fun continues.....

    UBS eyes joint venture with Wachovia Securities-NY Post
    Tue Feb 3, 2009 5:35am EST

    Feb 3 (Reuters) - Swiss bank UBS AG (UBSN.VX) (UBS.N) has held preliminary talks with Wells Fargo & Co's (WFC.N) Wachovia Securities about forging a joint venture of the pair's North American wealth-management units, the New York Post reported.

    It is unclear at what stage the discussions are in, or exactly what form a joint venture might take, the paper said on Tuesday citing sources.

    One source told the paper a deal might never materialize.

    If an agreement is reached, it could enable UBS to cut costs at its U.S. wealth-management unit, the paper said.

    A UBS spokesman declined to comment. Wachovia Securities could not be immediately reached for comment.

    Wachovia, which was hobbled by mortgage-related losses and write-downs last year, was scooped up by Wells Fargo on Jan. 1. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Jon Loades-Carter)

    © Thomson Reuters 2009 All rights reserved
  2. 1) In a bull market, 1+1=3
    2) In the current market, 1+1=0 :cool: