UK - UBS is looking for a new managing director for its UK investment banking division, as Russell Chambers has been poached by Credit Suisse (CS).

Starting as CS's new chief executive officer from early June, Chambers will be responsible for leading the investment banking, private banking and asset management divisions in the UK.

Chambers will not replace anyone in this newly created role, the company said in a statement.

Leonhard Fischer, chief executive officer for Credit Suisse's Europe Middle East and Africa region, said: "Russell brings to Credit Suisse a strong understanding of the UK market."

Chambers previously worked at Merrill Lynch and Investec before joining UBS in 2003.