UBS has made a raft of top-level changes to its team of investment bankers advising other financial institutions on capital raisings and strategy, as the division's new boss makes his mark.

Stefanos Papapanagiotou, who became head of the Swiss bank's financial institutions group for Europe, the Middle East and Africa in July, has handed senior bankers new roles and recruited a former Morgan Stanley dealmaker as part of the rejig, according to a memo seen by Financial News.