UBS AG today said it would close its institutional municipal securities group after determining that a sale of the group “was unlikely in the near term.”

As it did when it first announced the exit on May 6, UBS said it was shuttering the muni group as part of an effort to refocus the fixed income, currencies, and commodities business to focus on core business areas. The decision in May came after UBS announced another $11 billion write down related to U. S. residential mortgages, bringing its total writedowns to about $38 billion.

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