UBS has shaken up the leadership of its interest-rates trading team in Europe, a division that has struggled at many large investment banks this year.

The Swiss bank has named Mark Tinworth as co-head of linear rates trading alongside Duncan Haig, which is part of a broader set of leadership changes. George Dramitinos, a senior rates trader who was latterly global co-head of swaps and bond trading, is set to depart UBS.