UBS has sold its positions in base metals, oil and US power & gas to Barclays Capital (BarCap). The full risk transfer will be completed by the end of the second quarter of 2009.
According to a source close to the deal, there is a possibility that some staff at UBS might be taken on by BarCap, but numbers were not confirmed. However, the source was quick to reiterate that the transfer of risk was the main focus of this transaction rather than staff.
The source describes transactions such as this