Mr Johansson joins UBS from Morgan Stanley, where he was vice chairman of Europe. In his 22-year career at Morgan Stanley, Mr Johansson was previously head of the institutional equity division and co-head of the combined equity and fixed income sales and trading businesses.

In addition, UBS has also announced that Robert Wolf, chairman and CEO of UBS Group Americas and president and COO of investment bank, will join the group executive board (GEB) in his current role.

Alexander Wilmot-Sitwell, joint global head for investment banking department at UBS investment bank, will also become chairman and CEO of UBS Group Europe, Middle East and Africa, and will join the GEB.

Marten Hoekstra, deputy CEO of global wealth management and business banking and head of wealth management in Americas, will join the GEB in his current role.

Marcel Rohner, group CEO of UBS, said: These appointments significantly strengthen the management structure of the firm. The new composition of the Group Executive Board reflects the breadth of the businesses and the markets we operate in, ensuring continuous, excellent execution against our strategic vision.