UBS surprisingly replaced Jerker Johansson as the head of its investment bank on Monday with two of its senior executives.
The bank, until recently Switzerland's largest in terms of market capitalization, named Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of the branch that has cost UBS billions of dollars in bad investments linked to the U.S. subprime mortgage debacle.
Wilmot-Sitwell is a board member and has led UBS' Europe, Mideast and Africa division, while Kengeter is joint head of the bank's fixed income, currencies and commodities section.
Johansson, replaced with immediate effect, had been in the job little over a year.
"I would like to thank Jerker for his great efforts and his valuable contribution to the repositioning of our investment bank," UBS Chief Executive Oswald Gruebel said.