Warburg Name To Be Dropped

The FT reports that UBS is to drop both the Warburg and PaineWebber brand names and will now be marketed simply as UBS.

The move is seen as further evidence that UBS is keen to compete with global brands like Citigroup and HSBC and doesn't want to dilute the strength of its message by having different parts of its operations going, in part, under other names. SG Warburg was acquired in 1995, PaineWebber three years later.

Poor old Siegmund Warburg would no doubt turn in his grave as yet another famous City name bites the dust.

UBS also issued third quarter results this week, which were up 4% to $651m. Net revenues at the investment bank fell 6%. The private banking business reported a 15% decline in earnings before tax. The group's private equity arm posted its seventh consecutive quarterly loss.

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