UBS has named JP Morgan veteran Jakob Stott as its new head of wealth management for Europe.

Stott, who was latterly chief operating officer for JP Morgan’s investment bank in EMEA, as well as global head of the reputation risk office, will take up his new role on 1 October.

He will have responsibility for all the Swiss bank’s onshore wealth management activities in Europe, with leadership authority over more than 45 branches across Germany, the UK, France, Monaco, Italy, Spain, Austria, Luxembourg, Belgium and the Netherlands.

“He [Stott] will apply his long and wide-ranging client relationship and business experience to gaining market share and growing our European wealth management business,” said Jürg Zeltner, the bank's chief executive of wealth management.

In other recent news about the firm, earlier this week it emerged the bank is advertising around 500 vacancies in Switzerland to external applicants across its business, especially in the private banking and risk management areas. Roughly two-thirds of these positions are to replace staff who have left, with the remaining third being new positions.