Mr Gouws has been with UBS for 15 years most recently as head of equities for Europe, Middle East and Africa (EMEA) and global head of cash equities. Previous roles at UBS include head of equities EMEA, head of European equity research sales, head of European equity research and country head for South Africa.

Mr Bouhara joins from Deutsche Bank where he has worked for the last 14 years, most recently as global head of structuring and head of global markets EMEA. Previous roles at Deutsche include global head of equities and global head of equity derivatives.

Carsten Kengeter, joint CEO of UBS Investment Bank said: “Our equities franchise has been built over many years into one of the finest in the world and I am delighted that Mr Gouws and Mr Bouhara have agreed to lead the business and deliver even better results for our clients and the firm.”

Alex Wilmot-Sitwell, joint CEO of UBS Investment Bank said: “It is vital that we leverage the scale and client-connectivity that exists within our Equities franchise to other parts of the Investment Bank. I am confident Mr Gouws and Mr Bouhara, working with Mr Shear will achieve this and identify new areas of opportunity for our clients and UBS.”