UBS is reportedly considering selling its hedge fund unit to management, according to a Swiss newspaper, Neue Zuercher Zeitung, and analysts believe the unit, which has $39 billion in assets under management, could fetch $1 billion.

Last week, UBS Chief Executive Officer Oswald Gruebel said the company was considering selling divisions, including its Brazilian bank Banco Pactual, for $2.5 billion. Gruebel also announced a new wave of layoffs that will total 8,700.

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