UBS on Monday parted company with its head of investment banking in the latest sign of the determination of the beleaguered Swiss group’s new management to accelerate the withdrawal from more volatile operations.

UBS said Jerker Johansson would be leaving immediately, to be replaced by Alex Wilmot-Sitwell and Carsten Kengeter. Mr Johansson, who previously worked for Morgan Stanley, had been in the job for barely a year.