UBS realigned its risk control function, hired an investment bank chief risk officer from Morgan Stanley, moved its global fixed-income chief out of the role he occupied for less than a year and created a new post to oversee proprietary trading.

The biggest Swiss bank, which last week announced plans to eliminate 2,600 investment bank jobs and 5,500 slots company-wide, said it's melding formerly distinct market risk and credit risk functions into a single unit called group portfolio and concentration risk control. The combined unit will monitor and control overall risk exposure across credit, market and country risk, and perform various analyses at the overall portfolio level. The move "will help break down any remaining information silos between the different risk functions," UBS said.

Philip Lofts, who was group chief credit officer, was named group risk chief operating officer. Thomas Daula was named investment bank chief risk officer. He'll join UBS in June from Morgan Stanley, where he was chief risk officer. Daula also will become a manager of UBS's group managing board, reporting jointly to Jerker Johansson, chief executive of UBS Investment Bank, and Joe Scoby, group chief risk officer.

Andre Esteves is stepping down as global head of the investment bank's fixed income, currencies and commodities business. Johansson, the CEO, will replace him "on an interim basis," the bank said. Esteves will remain chairman and chief executive of UBS Latin America. He'll return to Brazil, where he was based before moving to London to head the fixed income division in August, 2007, under former investment bank Chief Executive Huw Jenkins.

John Wall was named global head of proprietary trading, a new role within the investment bank, covering both equities and fixed income trading. Daniel Coleman, who co-headed global equities with Wall, was named sole head.