Pressure grows for big changes at UBS after write-downs, buyback, tax probe

Financial giant UBS AG is expected to undergo organizational changes as the company prepares to report second-quarter results on Tuesday. The changes are likely to include the sale of UBS's money-management and brokerage unit in the U.S., and investment bank. UBS's bad investment write-downs could reach $43 billion. In a settlement with U.S. authorities, UBS will also buy back $19 billion in auction-rate securities following allegations of securities fraud. Also, UBS private bankers are being investigated by U.S. authorities for allegedly helping clients evade taxes.