Report: UBS talking joint venture with Wachovia

Wachovia Securities LLC and UBS Financial Services Inc. of New York have engaged in preliminary talks about a joint venture for their retail-brokerage units, according to a report in today’s New York Post.

Wachovia Securities LLC and UBS Financial Services Inc. of New York have engaged in preliminary talks about a joint venture for their retail-brokerage units, according to a report in today’s New York Post.
Wachovia Securities spokeswoman Teresa Dougherty said that the firm doesn’t comment on rumors.
A spokeswoman for UBS didn’t respond to a request for comment.
Speculation that Wells Fargo & Co. of San Francisco might cut loose Wachovia Securities of St. Louis has been rife in recent weeks, fueled by the lack of information from the bank about its plans for the brokerage firm.
“I’ve been saying for a long time that Wells Fargo doesn’t want the securities division,” said a Wachovia Securities broker, who asked not to be identified. “They won’t even tell us what our [new] name is, let alone give us the retention package.”