UBS stops 'art banking' for rich clients

ZURICH
UBS AG, the Swiss bank hit hard by the financial crisis, said Wednesday it has closed its "art banking" department, which helps rich clients buy and build collections.

The department was created in 1998 and provided customers with research on prices and artists, and consulted them on estimates, transport, storage, restoration and inheritance of art works.

UBS will cut 11 jobs as a result of the move. It will look for internal and external solutions for the affected employees, said Tatiana Togni, spokeswoman for Switzerland's largest bank.

The company will continue to offer gold and coin services as part of its wealth management business.

In the last 18 months, UBS has written down and lost billions of dollars linked to bad debts. The Swiss government is providing the bank with one of the world's biggest bailout packages.