The jewel in the crown
Last week's news that UBS would take the axe to several core business lines in its investment bank, at the cost of around 10,000 jobs, is a stark reminder that, in the bank's own words, regulation and changing market conditions are rendering certain asset classes uneconomical.
The good news for the foreign exchange market is that it remains a core business for UBS, and for most top-tier banks, notably Deutsche Bank and Barclays, both of which have begun substantial restructuring of their
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