UBS named a new global co-head of mergers and acquisitions as part of a broader overhaul of its investment bank that will elevate senior dealmakers in London.

Former JPMorgan dealmaker Nestor Paz-Galindo, who had been leading the Swiss bank's M&A division in Europe, the Middle East and Africa for nearly two years, has been promoted to co-head of the unit globally alongside Marc-Anthony Hourihan, according to an internal memo seen by Financial News.