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UBS names Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of its Investment Bank

Zurich / Basel | | Price Sensitive Information

Jerker Johansson, CEO UBS Investment Bank, has resigned from UBS with immediate effect.

UBS today announced the appointment of Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of its Investment Bank effective immediately.

Alex Wilmot-Sitwell joined the firm in 1996 and is a member of the Group Executive Board. He has been joint global head of the Investment Banking Department since November 2005 and Chairman and CEO of UBS Group Europe, Middle East & Africa (EMEA) since January 2008.

Carsten Kengeter joined UBS in September 2008 and is the joint global head of Fixed Income, Currencies and Commodities (FICC) within UBS Investment Bank. In his new role he will also be a member of the Group Executive Board.

Oswald J. Grübel, Group CEO of UBS, commented on the appointments: "I would like to congratulate Alex and Carsten on their new roles. Under their joint leadership we will continue to build on the strong core businesses of our Investment Bank and remediate our legacy risks. Our Investment Bank is indispensable to our global firm and to our integrated business model."

Jerker Johansson has resigned from his role as CEO of the Investment Bank with immediate effect. He joined UBS in March 2008 and was a member of UBS's Group Executive Board.

"I would like to thank Jerker for his great efforts and his valuable contribution to the repositioning of our Investment Bank," Grübel said.