FX to remain a 'cornerstone' of streamlined UBS

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Foreign exchange will remain a core business for UBS, despite its taking the knife to other segments of the investment bank, including rates and credit, the bank said today.

UBS revealed today that it would concentrate its investment bank on key areas including equities, FX and precious metals, while exiting fixed-income business lines that have been "rendered uneconomical by changes in regulation and market developments". As part of the reorganisation, UBS will shed roughly 10,000 jobs, cutting

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