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financial-times2The Financial Times has reported that UBS’ head of investment banking is to leave his post ”immediately”. 

UBS parted company with Jerker Johansson, its head of investment banking, in the latest sign of the determination of the beleaguered Swiss group’s new management to accelerate the withdrawal from more volatile operations.

UBS said Johansson would be leaving immediately, to be replaced by Alex Wilmot-Sitwell and Carsten Kengeter. Mr Johansson, who previously worked for Morgan Stanley, had been in the job for barely a year.

Speculation about Johansson’s future had been mounting in recent weeks after the appointment in February of Oswald Grübel, the former Credit Suisse boss, as UBS’s surprise new chief executive. Within weeks of his arrival, Mr Grübel announced a new review of investment banking operations and plans to cut almost 11 per cent of the bank’s workforce.

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