UBS Exclusive: Exit of Investment Banking Unit Confirmed

UBS Group AG has announced significant changes to its municipal bond underwriting business as it shifts away from negotiated muni bond sales.

The move comes after the bank made efforts to rebuild its state and local government debt department by hiring additional bankers a few years ago.

According to an internal memo, UBS, currently ranked as the 20th biggest underwriter this year, plans to reorganize its public finance group and explore alternative solutions to access the