Rothschild has hired one of UBS’ most senior bankers in Germany to run its investment banking business in the region, as high level departures at the Swiss bank continue to mount against a backdrop of internal instability, widespread job cuts and a curb on bonuses.

Martin Reitz has been named head of investment banking for Germany, Austria and Switzerland at Rothschild. He will assume the role on August 1, according to a statement from the UK bank.