UBS aiming for a break up?

What to make of the latest UBS news? The bank is breaking into three distinct business units--Wealth management (sort of private banking), asset management and investment banking--and has been buffeted by regulatory and market activity. The recent tax evasion scandal, which is still unfolding, was a shock to many. It calls for the bank to buy back $20 billion worth of auction rate securities. One could argue that perhaps UBS is breaking into three units to prepare itself for some major transactions, perhaps selling off the investment bank. The bank claims the move will make each unit more responsible for itself financially. The wealth management unit is considered UBS's crown jewel; the New York Times notes that some felt that unit was subsidizing the other two.   

For more:
- here's the New York Times article

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