Oh how the world turns...ML issued research today on UBS's new CEO. This is the same guy who turned around Credit Suisse. The analyst said "We wouldn't rule out disposals of Non core businesses." Uh, I guess that means the business that will never turn over client names and break Swiss law and integrity. That can mean UBS America is up for sale or spin-off. No way will the Swiss take this crap from the US and risk billions (Trillions?) of deposits. For those who cheated Uncle Sam I think they will be safe (sans the 250 unlucky bastards).I couldn't write a novel this good!Question: for the hundreds of FAs who joined UBS and signed a contract, are they still locked in? Do they still get the back end of the deal?I'd say if UBS stops recruiting then it's likely true.So is it Goldman, JP Morgan or spin-off?