The chief executive of UBS’ investment banking division, Jerker Johansson, has quit after little more than a year at the loss-making Swiss bank. UBS said this morning that Mr Johansson had resigned "with immediate effect". Mr Johansson, who also sat on UBS’ group executive board, joined the bank last March, after spending 22 years at Morgan Stanley, with a mandate to shake up the Swiss bank’s loss-making investment banking division. UBS warned investors last week that it expects to make a SwFr2 billion (£1.2 billion) loss for the first quarter of this year. The investment banking arm is responsible for more than $50 billion of losses since the beginning of the financial crisis. When Mr Johansson was appointed last year observers interpreted it as a sign UBS would not hive off its investment banking division, which has been plagued by heavy losses. UBS’ more profitable wealth management division is viewed as the jewel in the bank's crown. UBS has appointed Alex Wilmot-Sitwell, its joint global head of investment banking, and Carsten Kengeter, its joint global head of fixed income, currencies and commodities, as co-chief executives of the investment bank. UBS’ Swiss rival, Credit Suisse, said last week that it made a profit of SwFr2 billion (£1.2 billion) in the first quarter of 2017. The results beat analysts’ expectations for a profit of about SwFr726 million and mark a huge improvement on a net loss of SwFr2.15 billion in the same quarter last year. ，英语论文题目，英语论文题目 |
