The Swiss firm has confirmed that it is expanding its business in Israel but did not mention specific details.

The chief executive and six colleagues of Credit Suisse in Israel have quit to form a new wealth management advisory business for Swiss private bank EFG International in Tel Aviv, this news service can confirm.

The departure was originally announced by Reuters earlier this week, based on unnamed sources.

“EFG confirms that it is expanding its team in Israel. Further details will be provided in due time," a spokesperson told WealthBriefing.

Among those who have left Credit Suisse's Israel office to join EFG from September are Joseph Wolf, who took over as head of the business in April 2022, and head of private banking Michael Dadoun.

Wolf, Dadoun and five others who resigned early in June declined to comment, the report said, noting that in private banking, when bankers resign, there is a minimum “cooling off” period for those joining rival firms. 

Credit Suisse said its clients and team members were informed of the Israeli personnel changes in early June, and that a dedicated team is maintaining client service.

As reported separately this week by news services, UBS is contemplating axing tens of thousands of jobs at its enlarged business following its takeover of stricken Credit Suisse in March.