FBC Approves New UBS Risk Control Structure

ZURICH--UBS is restructuring its risk management operations in line with recommendations from Switzerland's Federal Banking Com-mission (FBC). The FBC's examination of UBS's internal controls and procedures was sparked by equity derivatives losses sustained last year by the former Union Bank of Switzerland's global equities division. UBS was formed last month from the merger of Union Bank of Switzerland and Swiss Bank Corporation.

A UBS spokesperson says the FBC investigation has approved UBS's

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