UBS has hired the former head of European credit trading from rival Credit Suisse to run its credit trading business in the region, an appointment that comes in a week when the Swiss group has suffered a clutch of senior departures led by the chief executive of its investment bank.

Derrick Herndon, who left Credit Suisse last year after a five-year career there, is expected to join UBS in London this week as managing director and European head of credit, reporting directly to Carsten Kengeter, the new co-head of the investment bank.