Swiss bank UBS Group AG plans to wind down a business in its US mortgage unit that focuses on “to-be-announced” (TBA) trading, Bloomberg reported late last week.

The decision is part of UBS’s strategy to focus more on financing mortgage originators, the outlet said, citing an anonymous source discussing non-public information who asked not to be identified.

“We are fully committed to our lending business, which supports independent mortgage originators,” UBS spokesperson Erica Chase told Bloomberg in an email. 

The number of positions affected by the closure is unclear. However, the unit’s managing director, details ⇒

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