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The son of former Warburg Securities chairman Peter Wilmot-Sitwell was today appointed co-head of investment banking at UBS, the Swiss owner of the firm where his father worked.
Alex Wilmot-Sitwell, who joined the firm in 1996, was promoted to replace Jerker Johansson.
The 48-year-old Wilmot-Sitwell, educated at Eton and Bristol University, will run the London-based division along with Carsten Kengeter, who joined UBS last year and is joint head of fixed income, currencies and commodities. Johansson quit today after little more than a year in the job as the shake-up at the troubled Swiss bank continued.
It marked the latest change at the top of UBS since Oswald Grubel came out of retirement to take over as the bank's chief executive in February. The bank this month warned of worse-than-expected losses of SFr2 billion (£1.2 billion) for the first quarter of the year.
