HSBC’s Guyerzeller unit will lose its name and will be known as HSBC Private Bank (Suisse) SA, which is already the name of a second unit. The two units currently employ 2,000 people and have assets under management of CHF 190 billion. When HSBC contemplated buying UBS and others, somebody probably pointed out that streamlining would be a good idea. Two units with different names made no sense.

In case you thought this was an idea that came from HSBC, consider that UBS is splitting its business into three autonomous units which will see the separation of its beleaguered investment bank from its wealth management arm for high net-worth investors HSBC and UBS leave little doubt that high net-worth investors are desired and courted.

Meanwhile HSBC still has buying feavor. We think WaMu would be a good fit for HSBC. There are so many choices these days.

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