It's hard to believe that much is left of the old SG Warburg after two big merger bloodlettings - first when Swiss Bank Corp bought Warburg in 1995 and then when Union Bank of Switzerland took over SBC Warburg. Nonetheless, deep inside UBS Warburg, the heart of the old Warburg apparently still beats. It seems that the bank is due to sponsor an exhibition of paintings by Lucian Freud, grandson of the even more famous Sigmund, at UK art gallery Tate Britain later this year. In the meantime, UBS Warburg is showing several of his pieces in its London headquarters - and here lies the rub. To hang the Freuds, the bank has had to take down the hallowed portrait of another Sigmund - Warburg, that is - giving rise to touchingly numerous complaints from staff and visitors. And you thought bankers had no loyalties.