UBS named new co-presidents of its investment bank as part of a raft of key promotions that put a number of internal candidates in line to succeed Sergio Ermotti as chief executive. George Athanasopoulos and Marco Valla were named co-presidents of UBS’s investment bank, replacing Rob Karofsky, who moves to lead its US business and co-head its wealth management arm.

Jim Esposito, the former head of Goldman Sachs’ investment bank, is set to join market maker Citadel Securities as president months after his departure from the Wall Street bank where he had spent three decades. Esposito, who was latterly co-head of Goldman’s global banking and markets division, will join Citadel Securities in a newly created role, and will relocate from London to Miami.