Top managers at HypoVereinsbank could quit in the wake of its acquisition by Italy's UniCredit, amid reports of low morale at HVB's Munich headquarters and continuing delays in appointing a new head of the combined bank's German business.

Handelsblatt, the German daily, reports that the internal favourites to succeed chief executive Dieter Rampl, who is to become chairman of UniCredit, could both quit if they are passed over for the top job.