UBS is shaking up its investment bank

  • Its removing a top foreign-exchange executive, amid the investigation into potential manipulation of currency markets (Several banks, including UBS, have suspended a total of more than a dozen foreign-exchange traders as part of the investigation, “according to people familiar with the matter”)
  • The bank is rolling its foreign-exchange and precious-metals business into another unit (according to an internal memo reviewed by The Wall Street Journal), the newly combined business unit will be called FX, rates and credit
  • One executive is stepping down as global co-head of foreign exchange and precious metals
  • UBS has also clamped down on the use of electronic chat rooms by its staff

More: UBS Restructuring Forex Unit
Foreign-Exchange Division’s Co-Head to Step Down (The Wall Street Journal is often gated, so if you’re unable to access the article try a search of Google news using the headline)