UBS AG announced that it named Alexander Wilmot-Sitwell and Carsten Kengeter co-heads of its investment bank to replace Jerker Johansson, who quit after a year in the job.

Johansson, 52, who joined the Zurich banking company in March 2008 after 22 years at Morgan Stanley, will leave immediately, UBS said Monday. Wilmot-Sitwell, 48, has worked at the investment bank since 1996. Kengeter, 42, joined UBS in September from Goldman Sachs Group Inc. to co-head the fixed-income, currencies and commodities unit.

This is the second change in senior management since Oswald Gruebel was hired as chief executive in February. Gruebel, 65, named Ulrich Koerner chief operating officer this month, announced an additional 7,500 job cuts and agreed to sell the Brazilian banking operations to reduce risk and free up capital.

Wilmot-Sitwell has been a co-head of the investment banking department together with Rick Leaman since November 2005, and chairman and chief executive officer of UBS Group in Europe, Middle East and Africa since January 2008.

He will relinquish both roles, UBS spokesman Dominik von Arx said.

Kengeter co-headed Goldman Sachs' Asian securities business outside Japan before joining UBS. He will remain co-head of the debt business and become a member of the UBS executive board.

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