April 27 (Bloomberg) -- UBS AG, the European bank with the largest losses from the credit crisis, replaced Jerker Johansson as head of its investment bank as Chief Executive Officer Oswald Gruebel shakes up management two months after joining.
UBS named Alexander Wilmot-Sitwell and Carsten Kengeter co- heads of the division. Johansson, 52, who joined UBS in March 2008 after 22 years at Morgan Stanley, has resigned with immediate effect, Zurich-based UBS said in a statement today.
The appointment is the second change among top executives since Gruebel, the former CEO of Credit Suisse Group AG, was hired out of retirement in February. Gruebel, 65, named Ulrich Koerner chief operating officer earlier this month, announced an additional 7,500 job cuts and agreed to sell the Brazilian banking operations to reduce risk and free up capital.
“Gruebel is reviewing the senior management at UBS and making the changes that he believes to be necessary to create his UBS,” Peter Thorne, a London-based analyst with Helvea, said in a note. “We look for the new management team to accelerate the transformation of the investment bank.”
UBS named Alexander Wilmot-Sitwell and Carsten Kengeter co- heads of the division. Johansson, 52, who joined UBS in March 2008 after 22 years at Morgan Stanley, has resigned with immediate effect, Zurich-based UBS said in a statement today.
The appointment is the second change among top executives since Gruebel, the former CEO of Credit Suisse Group AG, was hired out of retirement in February. Gruebel, 65, named Ulrich Koerner chief operating officer earlier this month, announced an additional 7,500 job cuts and agreed to sell the Brazilian banking operations to reduce risk and free up capital.
“Gruebel is reviewing the senior management at UBS and making the changes that he believes to be necessary to create his UBS,” Peter Thorne, a London-based analyst with Helvea, said in a note. “We look for the new management team to accelerate the transformation of the investment bank.”
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