One of three global heads of UBS' investment banking business is to leave the Swiss bank in June after less than two years in the role.

Jeff McDermott, an American banker who was promoted to the position with New York-based Rick Leaman and London-based Alex Wilmot-Sitwell in November 2005, is leaving to pursue other opportunities on June 30, according to an internal memo sent to staff today by chief executive Huw Jenkins.