Chi-Won Yoon takes the seat of UBS chairman and CEO

UBS said in a brief statement that Chi-Won Yoon will succeed Rory Tapner as chairman and CEO of the Asia Pacific operations and will join its 13-man group executive board with immediate effect. Yoon joined the bank in 1997 as head of equity derivatives and earlier this year was made head of equities, fixed income, currencies and commodities for Asia-Pacific.

In February the bank tapped highly-regarded former Credit Suisse head Oswald Gruebel as its new CEO and just days later designated former Swiss finance minister, Kaspar Villiger, as chairman.

Among other moves, Alex Wilmot-Sitwell and Carsten Kengeter were designated as co-heads of investment banking following the departure of Jerker Johansson, and former head of Asia-Pacific investment banking Robert Rankin left the group to join Deutsche Bank.

Shares in UBS fell 3.1% in a mixed session for other European banking stocks.

In the meantime, UBS has more than 9,500 employees in the Asia-Pacific region and its investment banking unit has generated more fees than any other market participant since 2006.