Four years after joining to lead the investment bank at UBS and initiating a deeper restructuring of the unit, former Bank of America Merrill Lynch dealmaker Andrea Orcel is once again overhauling his set-up in the wake of the "dislocation" created by regulatory, competitive and market pressures.

The latest changes come against a backdrop of regulatory pressure on the investment banking sector that has brought strategic and structural issues to the top of senior executives' agendas - a tricky backdrop that has just been complicated further by the UK's vote to leave the EU and ensuing market turmoil.