The head of UBS’ financial institutions group is set to play a key role in the restructuring and future strategy of the Swiss bank after being named as its chief financial officer to replace Marco Suter, who is stepping down from the post.

The appointment is in line with UBS' strategy to overhaul its top management, following a report it published in May that slammed the governance, strategy, management and risk controls at both UBS and its investment bank after the group incurred multi-billion dollar writedowns related to the credit crisis.