22 November 2002 – Swiss bankers, UBS Financial Services said Wednesday that shrinking trading volumes were to blame for its decision to close its US energy operations acquired from Enron Corp.

UBS did not say whether the closure would affect any European operations that would be impacted.

The Houston, Texas-based operations, which it acquired, has 630 employees. In August, UBS laid off 150 staff as investigations into unethical trading practices in the US wholesale markets led to the contraction in trade. UBS took over Enron’s trading positions but said it was not taking on the legacy of the unit’s past activities which led to Enron’s collapse.