* UBS has repeatedly considered sale of Paine Webber Stocks  |  Mergers & Acquisitions  |  Funds News  |  ETFs News * Now wants to shake up management, not sell - FT * UBS says committed to U.S. business(Adds details and background) NEW YORK/ZURICH, July 6 (Reuters) - UBS (UBSN.VX)(UBS.N)said it is still committed to its U.S. brokerage business, afterthe Financial Times on Sunday reported the chief executive nowfavoured a management shake up instead of a sale UBS has repeatedly considered a sale of its U.S. wealthmanagement business, which consists mainly of the Paine Webberunit acquired in 2000, and held unsuccessful talks with MorganStanley (MS.N), among others, late last year, the FT said.

A spokeswoman at UBS in New York told Reuters the bank doesnot plan to sell its U.S wealth management business and remains"committed to it". She declined to comment on the report of the managementshake-up. UBS has lost billions of dollars in the global financialcrisis and also faces a high profile U.S. tax case, in whichauthorities are trying to force the bank to identify some 52,000Americans suspected of using secret foreign accounts to hidenearly $15 billion in assets. [ID:nL1520127] The bank has resisted the request because it says it wouldviolate Swiss bank secrecy laws. Bank of America (BAC.N) has now toppled UBS as the world'sbiggest wealth manager as the industry faces shrinking wealthand another tough 12 months, a survey showed. [ID:nL3697356] UBS considered the sale of Paine Webber, which it bought forabout $10 billion as a bridgehead into North America, last yearas it sought to overhaul its business and raise capital.[ID:nL27636659] After taking over at the Swiss bank in February, new CEOOswald Gruebel also looked at offloading the business, whichsells financial products to wealthy clients, the FT said.

However, bankers said Gruebel has opted to keep the businessfor the time being and UBS has contacted senior financialindustry figures to sound them out over taking a top role at theU.S brokerage business, the paper reported. (Reporting by Megan Davies and Juan Lagorio in New York and SamCage in Zurich; editing by Simon Jessop) Stocks Mergers & Acquisitions Funds News ETFs News. Indian Finance Minister Pranab Mukherjee presents the2009/10 budget to parliament on Monday. Bonds For rolling highlights of the speech click on[ID:nDEL539437] For an instant view from experts click on [ID:nDEL127413] For pre-budget stories click on [ID:nSP190820] Bonds. Indian Finance Minister Pranab Mukherjee presents the2009/10 budget to parliament on Monday.

Bonds For rolling highlights of the speech click on[ID:nDEL539437] For an instant view from experts click on [ID:nDEL127413] For pre-budget stories click on [ID:nSP190820] Bonds. * To provide further update "shortly" * In "constructive discussions" with creditors (Adds detail) LONDON, July 6 (Reuters) - Troubled British sub-prime lenderCattles (CTT.L) on Monday said it would not make a bond interestpayment originally scheduled for July 5, as talks over its bankdebt approach a key deadline. Cattles, whose shares were suspended in April, added that itwas still in "constructive discussions" with its creditors, andthat it would issue a further statement "shortly." The company, hit by accounting problems which led it tounderestimate its bad debts by about 700 million pounds ($1.14billion), is hoping to negotiate a standstill agreement on a 500million pound bank loan that expires on Thursday. Cattles also has 400 million pounds of bondholder debtmaturing in 2017. The lender, dependent on expensive wholesale funding,earlier this year failed to obtain a banking licence which wouldhave allowed it to finance itself more cheaply through retailsavings deposits. Cattles, which lends at higher-than-average rates ofinterest to people who could not get credit from mainstreambanks, closed its doors to new customers earlier this year inorder to conserve cash.($1=.6147 Pound)(Reporting by Myles Neligan; editing by Simon Jessop).