The bank is moving three seasoned executives into new roles to expand asset and wealth management based in New York.

In several high-level leadership shifts announced by Credit Suisse on Monday, David Miller will succeed James Amine as CEO of investment banking and capital markets (IBCM); Eric Varvel will become the new chair of the IBCM group; and Harold Bogle, currently responsible for the UHNW group in IBCM, will become vice-chair of the group executive office. All the moves are board approved and take effect immediately.

The reshuffle was sparked by Amine’s decision to step down as CEO of IBCM and from the group executive board after 10 years leading the effort for a new post based in New York as head of private credit opportunities.

The Swiss giant said the newly-created US role presented a “significant opportunity” to builds on its asset management strategy. “The business will expand our alternative asset management product offering and focus on directly sourced private credit opportunities,” it said. It also said the venture would benefit the firm’s wealth management offering, but didn't elaborate. This newswire has requested more details. Amine will report to IBCM chair Varvel in the new role.

Amine, a 22-year veteran of Credit Suisse, has been leading its investment banking franchise since 2015. Miller was most recently global head of credit and credit products at the bank and a member of its global markets management committee.

“I want to thank Jim Amine for his invaluable contributions in building our leading investment banking footprint over many years and for his relentless dedication to our clients," Credit Suisse chief executive Tidjane Thiam, said. The CEO said that Amine’s skills across all aspects of investment banking “have been, and will continue to be, of huge benefit to the firm and we look forward to his continued success in an exciting new venture for Credit Suisse where we believe we can unlock significant value for our clients going forward.”

During a challenging year, which saw damaging revelations emerge that the bank had spied on its head of wealth management, now at rival UBS, Thiam used the reshuffle to acknowledge the three top ranking executives in their long tenure and new leadership roles.