UPDATE 2-UBS says Brazil joint venture to help offset global pressure on fees [Reuters (UK)]
BANCO DO BRASIL SA S/ADR (BDORY)
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Source: Reuters
UBS says Brazil joint venture to help offset global pressure on fees - Reuters 2 Min Read SAO PAULO (Reuters) - A newly announced joint-venture by UBS Group AG ( UBSG.S ) and Banco do Brasil SA ( BBAS3.SA ) will help the Swiss bank offset global pressure on investment banking fees, UBS’ co-head of investment banking Rob Karofsky told journalists on Thursday. The deal comes as UBS shakes up its investment banking arm to boost earnings and curb costs while it struggles with muted global equity, debt and M&A activity. Karofsky said the joint venture is part of the bank’s effort to further connect clients globally and offset declining fees in investment banking, giving it access to more deals in Brazil, a booming market at the moment. Share offerings by Brazilian companies more than doubled from a year earlier, totaling $20.4 billion in the first nine months of the year. But UBS is lagging its competitors in the league tables that rank investment banks’ market share in Latin America’s
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