UBS names investment bank joint-CEOs

Switzerland's largest bank, UBS, has named two co-directors of its investment banking unit to replace Jerker Johansson, who has stepped down.

Johansson, who joined UBS a year ago as a member of the bank’s group executive board, has resigned with immediate effect.

Alex Wilmot-Sitwell, joint global head of the investment banking business since 2005, and Carsten Kengeter, global head of fixed income, currencies and commodities at UBS Investment Bank, will serve as co-chief executives.

CEO Oswald Grübel said: “Under their joint leadership we will continue to build on the strong core businesses of our Investment Bank and remediate our legacy risks.” He thanked Johansson for his “valuable contribution to the repositioning” of the investment bank.

UBS is rebuilding its brand after larges losses in risky investments forced it to write down the value of assets by more than $50 billion (SFr57.35 billion). The UBS group made a record annual loss of SFr20 billion in 2008.

Earlier this month, UBS announced it was cutting staff to 67,500 by 2010, with 2,500 jobs going in Switzerland.

swissinfo with agencies