By Edward Evans
Dec. 22 (Bloomberg) -- UBS AG, Switzerland’s biggest bank, agreed to sell its agricultural and Canadian energy-commodities units to JPMorgan Chase & Co. Terms weren’t disclosed.
About 30 people will transfer to JPMorgan as a result of the sale. UBS is also in talks on the disposal of other commodities businesses, the Zurich-based said today in an e-mailed statement.
The bank, which received a $59.2 billion aid package from the Swiss government and central bank this year, said in October it would sell divisions to focus on the securities and advisory businesses. UBS has slashed 9,000 jobs since the credit crunch began, the most at any European bank, and posted almost $49 billion in losses and writedowns.
UBS will keep its precious metals and the index and exchange- traded commodities activities, the statement said.
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