People Moves
Credit Suisse Makes C-Suite Changes
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Following the arrival of a new CEO in late July, the Swiss lender has made a number of senior appointments covering finance, operations and other roles.
Credit Suisse
has named former senior Deutsche Bank and HSBC figures to take up
the posts of chief financial officer and chief operating officer.
The changes come in the wake of the
departure of CEO Thomas Gottstein in late July, when the bank
also announced a loss for the second quarter and moves to
restructure operations.
Dixit Joshi is named CFO and Francesca McDonagh is made COO, the
Zurich-listed bank said in a statement today.
Michael J Rongetti is named as interim chief executive of the
asset management division, filling the vacancy when Ulrich Körner
was made overall group CEO – replacing Thomas Gottstein – in
July.
The bank said that all three individuals will report directly to
Körner. Francesco De Ferrari, CEO of the wealth management
division, is appointed CEO of the Europe, Middle East and Africa
(EMEA) region after serving in this role in an ad interim basis
since January 2022, the bank said in a statement.
Joshi, who is taking up the role on 1 October, will replace David
Mathers who decided to step down after more than 11 years in his
role, as previously communicated. He will be based in
Zurich.
For the past five years, Joshi served as group treasurer at
Deutsche Bank, where he played a key part in the bank’s
restructuring while overhauling the firm’s balance sheet. Joshi
also served as Deutsche Bank’s head of the fixed-income
institutional client group, listed derivatives and markets
clearing as well as head of global prime finance, and as head of
APAC equities in Hong Kong. Before joining Deutsche Bank in 2011,
Joshi served in senior roles at Barclays Capital. Between 1995
and 2003, he worked for Credit Suisse in New York and London,
having started his career in 1992 at Standard Bank of South
Africa.
McDonagh, who was previously announced as CEO of the EMEA region,
will be taking up the group COO role on 19 September. This
new role will support the group CEO in the steering and strategic
development of the Group including operational and cost
transformation.
McDonagh most recently served as group CEO at the Bank of Ireland
after holding several senior management positions at HSBC Group.
She will be based in Zurich.
De Ferrari, CEO of the Wealth Management division, who has acted
as interim CEO of the EMEA region, is taking up his new permanent
role with immediate effect.
Rongetti will continue to serve as head of asset management
Americas and global head of investments and partnerships.
Previously, Rongetti was CFO of the asset management division
(2012 to 2021) as well as CFO for private banking wealth
management products (2013 to 2015). He joined Credit Suisse in
1998 and will continue to be based in New York.
In addition, Michael Bonacker has been appointed group head
of transformation, leading the operating model and cost
transformation work for the group. He will start his new role on
1 September, reporting to McDonagh once she joins the company.
Bonacker is vice chairman of investment banking and capital
markets for EMEA and a member of the client advisory group.
Before joining Credit Suisse in February 2022, Bonacker was
global senior advisor for Oliver Wyman and also served as head of
corporate development at UBS. In a career spanning more than 30
years, he also held leadership positions at BHF-Bank,
Commerzbank, Lehman Brothers/Nomura, Deutsche Bank and McKinsey.
He will be based in Zurich.