UBS Investment Bank is poised to reshuffle its German operation with the expected departure of its co-head of investment banking.

Banking sources in Frankfurt said Florian Lahnstein, who runs UBS Investment Bank in Germany along with Herman Prelle, is to leave. He was promoted to co-head in 2003. UBS was unavailable for comment. Prelle is likely to take sole control of UBS in Germany. Lahnstein will be the second UBS banker to leave the Frankfurt operation this month. Last week, Andreas Schreiber, an executive director in the financial institutions group, resigned and is expected to join Lazard as a managing director. Lazard declined to comment. Sources played down suggestions that up to five more bankers were planning to leave Frankfurt. UBS has enjoyed mixed fortunes in German investment banking. It is ranked 16th in mergers and acquisitions in Germany, which is set for a record year of dealflow, according to Thomson Financial. It was ranked tenth last year.