The project management groups co-ordinating the split of UBS into three business lines will hold their first meetings in the coming weeks to discuss the seven areas for change identified by the Swiss bank last week, which will include a study of a revised incentive system.

A source familiar with the situation confirmed meetings for the seven streams would commence in the coming weeks in order to meet deadlines of the end of the third and fourth quarters. Chairman Peter Kurer is working toward an end of 2009 deadline for implementation of all the changes.