UBS has hired Lazard to conduct a strategic review of the Swiss-based financial firm’s businesses, The Post has learned.
The embattled bank has been one of the institutions at the center of the credit crunch, and Lazard’s hiring has fueled speculation that the firm might be considering separating its highly regarded wealth-management division from its much-maligned investment-banking operation.
A UBS spokeswoman declined to comment, and a call to Lazard was not immediately returned.
Separately, there was speculation floating that HSBC was interested in UBS.
Although it’s unclear exactly what role Lazard will play, UBS Chairman Peter Kurer has recently appeared more open to the possibility of shopping the investment bank in light of its recent $38 billion in losses.
One person familiar with the matter noted that UBS’s strategic review might be part of an annual internal review of its business lines, something UBS has stepped up in the wake of losses.