UBS Group AG is winding down a business in its US mortgage unit that focuses on “to-be-announced” trading, which involves forward sales of such securities.
(Bloomberg) — UBS Group AG is winding down a business in its US mortgage unit that focuses on “to-be-announced” trading, which involves forward sales of such securities.
The Swiss bank has been shifting its strategy for the business more toward financing mortgage originators, and the TBA move is part of that, according to a person familiar with the matter who asked not to be identified discussing non-public information.
The lead sales executive for the unit, Michael Sudnow, is among those leaving the Zurich-based firm, the person said. It couldn’t immediately be learned how many jobs were affected.
“We are fully committed to our lending business, which supports independent mortgage originators,” UBS spokesperson Erica Chase, said in an email.
The mortgage-trading decision comes as UBS works to integrate the operations of Credit Suisse Group AG, which the firm acquired in an emergency takeover brokered by the Swiss government in March.
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