Top-Level Management Changes At Credit Suisse

Tom Burroughes

7 September 2016

, which is in the midst of restructruring its operations (see here), today said that one of its most senior figures is stepping down, with another being appointed as president for its US business.

Tim O’Hara will be succeeded at the Zurich-listed lender by Brian Chin, currently co-head of credit, as the chief executive of the global markets group. Chin will also join the bank's executive board.

Separately, Eric Varvel has been appointed as president and CEO of Credit Suisse Holdings (USA), in addition to his responsibilities as global head of asset management. These changes are effective immediately.

O'Hara has worked at Switzerland's second-largest bank since 1986, holding senior roles across the fixed income and equities sectors.

“Tim O’Hara has been instrumental in driving the successful restructuring of the global markets division in a challenging market and regulatory environment. We greatly appreciate Tim’s excellent contribution to the firm during his long tenure at Credit Suisse," said Urs Rohner, chairman of Credit Suisse.

Of Chin, Rohner said: "He is a proven business leader and provides continued strong experience and deep knowledge of global markets. Eric Varvel will provide critical continuity at Credit Suisse Holdings (USA), with his extensive background in investment banking and his proven leadership skills in various key roles as a former member of the executive board.”