The former chief financial officer of US bank Bear Stearns – an early victim of the financial crisis just under five years ago – has been handed the task of running UBS's non-core division, taking charge of a unit that houses more than 40% of the bank's risk-weighted assets.

Sam Molinaro is set to take over the running of the Swiss bank's non-core division immediately following the departure of Carsten Kengeter, a one-time head of UBS's investment bank who last autumn was appointed to head the non-core division. Molinaro willl report directly to UBS chief executive Sergio Ermotti.