on Wednesday named Jerker Johansson chairman and CEO of its investment banking division.
Johansson, currently European vice chairman at
, will start in his new role March 17. He will take over a bank that has been hit hard by writedowns related to sinking mortgage- and credit-related investments.
"While this has been a difficult time for the investment bank, because of the losses in fixed income, we have continued to see strong performances in both our equities and our investment banking divisions," Group CEO Marcel Rohner said in a company statement. "I am confident that under Jerker's leadership we will build on this performance and strengthen our position further in all areas."
Zurich-based UBS last month warned it would post a fourth-quarter net loss of $11.4 billion or 12.5 billion Swiss francs. The bank said the loss was driven by writedowns of about $14 billion to U.S. subprime paper. It is expected to post results Thursday.
"The current turbulence in financial markets represents a challenge, but also a huge opportunity for well run firms, and I look forward to leading UBS's investment bank to a prosperous future," Johansson said in the UBS statement.
This article was written by a staff member of TheStreet.com.