UBS says Brazil joint venture to help offset global pressure on fees
Share:
SAO PAULO (Reuters) - A newly announced joint-venture by UBS Group AG and Banco do Brasil SA will help the Swiss bank offset global pressure on investment banking fees, UBS' co-head of investment banking Rob Karofsky told journalists on Thursday.The deal comes as UBS shakes up its investment banking arm to boost earnings and curb costs while it struggles with muted global equity, debt and M&A activity.Karofsky said the joint venture is part of the bank's effort to further connect clients..