McCann, who joined UBS in 2009 to head up the firm’s wealth management arm in the Americas, assumes his new role in addition to his current one.

Meanwhile, the Zurich-listed banking and wealth management firm has appointed Philip Lofts, formerly CEO of UBS Group Americas, as UBS's group chief risk officer, a key role as UBS looks to scale back risk exposures at its investment bank. Lofts had been group CRO between November 2008 and December 2010, taking up his latest post in January this year. He joined UBS in 1984.

The changes come in the wake of the resignation earlier this year of Oswald Grübel as chief executive and the appointment of Sergio Ermotti as his successor.

Since $2.3 billion unauthorized trading losses were uncovered in the autumn, the firm, which had seen its fortunes recover after sustaining huge losses in the sub-prime mortgage crash, has embarked on a program to reduce risk in its business. Earlier in November, UBS announced it is sharply reducing risk exposures at its investment bank and intensifying its focus on wealth management.

Maureen Miskovic, group chief risk officer since January, will leave UBS, the bank said in a statement today. It did not elaborate on her future plans.

Ulrich Körner, who joined UBS in 2009, will take over the role of CEO UBS Group Europe, Middle East and Africa, in addition to his current role as group chief operating officer and CEO Corporate Center.