UBS Investment Bank has appointed Robert Wolf, its US-based global head of fixed income, as chief operating officer and second in command to John Costas, filling a role that has been vacant since Costas became chief executive in December 2001.

Wolf has worked at UBS for the past decade since joining the Swiss banking group from Salomon Brothers, now part of Citigroup, in 1994. He has headed the fixed income business globally, which is part of the fixed income, rates and currencies group, since October 2002.