UBS' fourth quarter results next Tuesday are expected to reveal more outflows from wealth management and a large net loss for the overall business. Surgery is on the cards, potentially involving the sale of the Swiss bank's US brokerage division.

Industry sources say the most likely bidder for the division, formerly known as Paine Webber, is Wachovia, now part of Wells Fargo, which is set to go head to head with Morgan Stanley's wealth management unit, which is buying Smith Barney from Citigroup, and Bank of America. JP Morgan is another possible bidder.