UBS executives to lose out as Swiss banking giant names new management

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The Independent Online
SBC and UBS, the Swiss banks merging in a pounds 15bn deal, will today reveal the names of up to 100 managers who will take the top jobs below board level in the new company.

SBC executives are expected to fill the majority of the posts, a development that is likely further to depress morale at UBS, which is widely believed to have lost out in the deal.

After intense market speculation, the two banks confirmed last December they were to merge. The move is expected to cost around 3,500 City jobs, almost half of the banks' combined London workforce.

As well as losing out in the competition for top jobs, UBS, which has been beset by a variety of difficulties in recent months, is expected to bear the brunt of the redundancies.

No details of job cuts are anticipated before early February, when the deal is due to be formally approved by UBS and SBC shareholders.

But industry sources expect job losses to follow soon after the merger is officially approved.