UBS Investment bank has overhauled its senior management in the first reshuffle since the appointment of Huw Jenkins as chief executive in June.

Jeff McDermott and Alex Wilmot-Sitwell, currently co-heads of European investment banking, and Rick Leaman, co-head of global mergers and acquisitions, have been promoted to joint-global heads of investment banking. McDermott and Wilmot-Sitwell will be based in London. Leaman will be based in New York.