David Soanes, the UBS banker best known for his work on behalf of the UK Government during the bank bailouts, has received his second promotion in the space of a year as veteran Roberto Isolani stands aside after 17 years with the Swiss bank.

London-based Soanes has been named as the bank's joint head of debt capital markets alongside Mike Davidson in the US. Soanes continues in his role as head of global capital markets for Europe, the Middle East and Africa, a title he picked up following the combination of the bank's global debt and equities business into one global capital markets group last year, a spokeswoman said.