Jerker Johansson has left as global head of UBS’s investment bank. He joined only a year ago after 22 years at Morgan Stanley.

Oswald Grübel, the former head of Credit Suisse who came out of retirement in February 2009 to take over as chief executive, replaced Mr Johansson with two executives, Alex Wilmot-Sitwell and Carsten Kengeter, confirming media speculation about the move.

Alex Wilmot-Sitwell is joint global head of investment banking and has been at UBS for some time. Carsten Kengeter is global head of the fixed income, currencies and commodities division and joined from Goldman Sachs in September 2008.

Last year, as the Swiss banking group suffered massive losses amid the credit crunch, UBS moved to put its investment banking, wealth management and asset management arms on a more autonomous footing. Some analysts argued that UBS might have to split its divisions into entirely separate companies.