Oswald Grübel, UBS’s chief executive, wants to shake up the top managerial ranks of the embattled bank’s brokerage business in the US after deciding against a sale, according to people familiar with the matter.

UBS has repeatedly considered a sale of its US wealth management business, which consists mainly of the Paine Webber unit acquired in 2000 for $10.8bn, and held unsuccessful talks with Morgan Stanley, among others, late last year.