UBS has promoted Nick Reid, who was one of Goldman Sachs’ top dealmakers before moving to the Swiss bank two years ago, to jointly run its UK investment banking team as part of a changing of the guard in its global investment banking business.

Reid, whose recent deals for UBS include advising Cadbury on the demerger of its US drinks business, will run UK investment banking alongside Tim Waddell, previously the Swiss bank’s joint head of corporate broking, UBS said in a statement today.