Around 20 employees of the German private banking arm of UBS have left the firm, The Wall Street Journal reports. The staff has departed after the Swiss bank called off the plans to ring-fence part or the entire German private bank into a separate corporation. The staff has left the banking arm of UBS for the Bad Homburg-based Harald Quandt Trust, which manages the money of the wealthy Quandt family that controls German automaker BMW. Separately, UBS has appointed Carsten Dentler from Morgan Stanley as joint head of its investment-banking division in Germany.
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