Union Bank of Switzerland (UBS) chief executive Mathis Cabiallavetta yesterday played down the number of customers his bank has lost as a result of its planned merger with Swiss Bank Corp.

"Naturally we lost some customers, Mr and Mrs Swiss normally have more than one bank," he told the SonntagsZeitung newspaper. "But the vast majority of customers will remain loyal. One thing is clear: We are expanding, not cutting back, on the customer front."

The merger will create the world's second-biggest bank by assets, but has angered many Swiss because it will trigger 13,000 job cuts, 7,000 in Switzerland alone.

A survey by the SonntagsBlick weekly found 16 per cent of UBS and SBC customers polled planned to break off ties completely with the merged bank, which will be the world's largest asset manager with 1.32 trillion Swiss francs ($919 billion) to invest.