UBS AG said Friday that none of its major businesses are for sale, denying a Reuters report that the struggling Swiss bank is mulling the sale of Paine Webber.
UBS bought Paine Webber for $10 billion in 2000. The brokerage unit is a central part of the bank's U.S. wealth-management business.
Reuters had reported earlier in the day that a sale of Paine Webber would be part of a review set to wrap up by November. The news service cited unidentified people familiar with the matter.
"No major business is for sale," Doug Morris, a spokesman for UBS, said in an interview with MarketWatch.
UBS shares fell 2% to $21.61 during afternoon trading in the U.S.
