In the months running up to last week’s announcement that Jerker Johansson, the chief executive and chairman of UBS’ investment banking division, was to leave the Swiss bank, speculation had already begun in London and Zurich about his likely successor.

As it turned out, UBS chief executive Oswald Grübel decided that a single person would not be up to the task of turning round the business, and promoted co-head of investment banking Alex Wilmot-Sitwell and global head of fixed income, currencies and commodities Carsten Kengeter, as joint chiefs of the division.