UBS, which has reported better than expected third-quarter results, is to kill off the Warburg and PaineWebber brand names next year.

The changes, which follow market research in 14 countries, will take effect in the second half of 2003. Marcel Ospel, chairman of UBS, said: "We need a flagship brand. Making this move is a signal of our unity, strength and momentum. It is a further, logical step in our efforts to define the future as one firm."