UBS appoints investment bank co-CEOs

Swiss banking giant UBS has appointed Alex Wilmot-Sitwell and Carsten Kengeter as co-CEOs of the entity's Investment Bank with immediate effect.      

UBS in a statement today said the Investment Bank's chief executive officer Jerker Johansson has resigned from the company.      

"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," UBS Group's chief executive Oswald J Grubel said.      

Wilmot-Sitwell joined the company in 1996 and is a member of the Group Executive Board. Kengeter came into UBS in September 2008. In his new role, he would also be a member of the Group Executive Board.      

UBS has been significantly impacted by the ongoing financial turmoil. The firm is also fighting a legal battle in the US related to charges of helping American citizens to evade tax.