UBS Wealth Management Americas does not intend to change its name back to PaineWebber, nor will it split off from its Zurich-listed banking group, the unit's top executive has told colleagues, according to Reuters.

Even so, the business will make many changes in the future, wealth management chief Robert McCann told brokers during a town hall meeting, the news agency said. McCann said he intends to focus UBS’ efforts on attracting wealthy and ultra wealthy clients, it said.

McCann laid out plans for how he intends to restore confidence in a firm that has been hit by massive credit crunch losses and UBS’ wrangles with US legal authorities over a tax evasion case.

McCann repeated his goal to generate SFr1 billion ($950 million) in annual pre-tax profit within the next three to five years. He said UBS will concentrate resources on high net worth clients, those with $1 million to $10 million of investable assets, and on the ultra high net worth, those with more than $10 million, the report said.

UBS will not abandon customers with less than $1 million, a UBS spokeswoman was quoted as saying, but the bank will devote less resources there, the report added.

The Swiss banking group acquired PaineWebber in 2000. Since the problems of the credit crisis began to hit UBS, there has been speculation that the banking group may spin off this unit. McCann joined the bank from Merrill Lynch – now part of Bank of America – last October. Since his arrival, a number of his erstwhile colleagues have joined UBS.