For UBS and Citi, it's crunch time: Swiss bank's new chief quickly cleans house; investment bank tumult

Article Abstract:

Chief Executive Marcel Rohner of Swiss bank UBS AG has announced a restructuring plan that involves cutting an investment-banking unit's assets by almost a third. The process will also entail the elimination of some 1,500 jobs. The announcement comes after reporting a third-quarter loss of up to 800 mil Swiss francs and a 400 mil-Swiss franc write-down.

Commercial Banks, Strategy & planning, Financial management, Planning, Finance, Switzerland, Company restructuring/company reorganization, Reorganization and restructuring, UBS AG, Company business planning, Company financing, Company organization, Rohner, Marcel

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SCH will liquidate investment vehicle

Article Abstract:

Santander Central Hispano S.A. announced that it will terminate its Somaen Dos SL investment vehicle. Somaen holds SCH's minority share in Cia. Espanola de Petroleos S.A.

Spain, HOLDING AND OTHER INVESTMENT OFFICES, Santander Central Hispano S.A., Organization dissolution

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TNT will sell logistics unit

Article Abstract:

Express delivery service company TNT is selling its logistics division to Apollo Management L.P. for $1.89 billion, in order to focus on its delivery business.

United States, Acquisitions & mergers, Netherlands, Private Mail & Express Services, Couriers and Messengers, Air courier services, Mergers, acquisitions and divestments, Company acquisition/merger, Courier services, Express delivery services, TNT Post Group N.V., Apollo Management L.P.

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