Reuters UBS + Wachovia?

...the fun continues.....

UBS eyes joint venture with Wachovia Securities-NY Post | Markets | Markets News | Reuters

UBS eyes joint venture with Wachovia Securities-NY Post
Tue Feb 3, 2009 5:35am EST

Feb 3 (Reuters) - Swiss bank UBS AG (UBSN.VX) (UBS.N) has held preliminary talks with Wells Fargo & Co's (WFC.N) Wachovia Securities about forging a joint venture of the pair's North American wealth-management units, the New York Post reported.

It is unclear at what stage the discussions are in, or exactly what form a joint venture might take, the paper said on Tuesday citing sources.

One source told the paper a deal might never materialize.

If an agreement is reached, it could enable UBS to cut costs at its U.S. wealth-management unit, the paper said.

A UBS spokesman declined to comment. Wachovia Securities could not be immediately reached for comment.

Wachovia, which was hobbled by mortgage-related losses and write-downs last year, was scooped up by Wells Fargo on Jan. 1. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Jon Loades-Carter)