UBS shifts focus to rich

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The Independent Online

UBS said it would resume dividends as it slashes risky assets in its scandal-hit investment bank by almost half. It is now refocusing on its core business of managing the assets of the world's wealthy.

It also said it would cut its investment staff from 18,000 to 16,000 by the end of 2016: a loss of 400 more jobs than indicated in August.