© Stocksak. FILEPHOTO : FILEPHOTO : The logo of Swiss bank Credit Suisse can been seen at its Zurich, Switzerland headquarters on October 4, 2022. REUTERS/Arnd Wiegmann/File Photo
By Pamela Barbaglia
(Stocksak). Credit Suisse’s most recent shake-up has seen some senior executives promoted to higher-ranking roles, while others are leaving. The bank is drastically reducing its workforce. It plans to reduce overall headcount from 52,000 at end of third quarter to 43,000 by end of 2025.
Here’s a list of key people who were affected by the bank’s recent revamp, starting with those who are “in”, taking on more responsibilities, and ending with those who have been removed from the bank’s management.
A former Citigroup Inc (NYSE:) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He will be stepping down as a director to become the CEO of CS First Boston.
The 59-year-old American banker is no stranger in the world of entrepreneurship. He launched his own advisory boutique, M. Klein & Company, in 2010 and worked on several high-profile deals including Saudi Aramco (TADAWUL)’s listing in 2019.
Ex-Bank of America Corp banker Ebert has been elevated to co-head of the markets business, reporting directly to Körner.
Tidjane Thiam, the former Credit Suisse boss, appointed Ebert in 2017 as a global equity derivatives manager. Ebert, a New York resident, was promoted in July to head the investment banking business alongside David Miller. Christian Meissner had been gradually replaced as the unit’s boss.
Hong Kong-based banker Pang was promoted to co-head Ebert’s markets business. Pang rose to the top during the bank’s recent reshuffle in Asia Pacific of its regional and divisional leaders. He currently serves as cohead of global trading solutions, and co-head the investment bank for Asia Pacific.
FRANCESCO DE FERRARI
The key to Credit Suisse’s highly prized wealth-management company is held by a Swiss and Italian national. Its strategic focus has shifted. After a stint with AMP (OTC), the 53-year old was appointed CEO of Credit Suisse’s wealth-management division and interim CEO for Europe, Middle East, and Africa.
His previous career at Credit Suisse included stints as CEO of South East Asia, and head of private banking in Asia Pacific. De Ferrari (NYSE.) was the CEO Credit Suisse’s private banking division in Italy from 2008 to 2011.
A Deutsche Bank (ETR:) Kitchen, a veteran of the German bank, left last year to join Credit Suisse. He will play a crucial role in the bank’s revamp by taking over the Capital Release Unit (CRU), which will report to Chief Financial Officer Dixit Joshuai.
At Deutsche Bank, she was already the head of the capital releases group and was also a member the group management board. Before joining Deutsche Bank, she worked at UBS.
Nita Patel, a former Goldman Sachs (NYSE 🙂 banker is moving up to a key role within the new Credit Suisse. She will become the bank’s new chief compliance officer on Nov. 1 and will join the executive board, reporting directly to Körner.
Patel joined Credit Suisse last ye and most recently served the chief compliance officer of the asset division as well the UK investment bank. She was also a member on several key business and compliance committees.
According to one source, Meissner, a former executive at Bank of America (NYSE) is leaving Credit Suisse. He did not have much influence on the bank’s strategic restructuring. In 2020, he joined Credit Suisse as co-head for a new division that combined investment banking advisory and international wealth management.
The 53-year old Austrian dealmaker was a key lieutenant under Thomas Gottstein, Credit Suisse’s former boss. He was promoted last year to oversee all investment banking activities at the Swiss lender.
Meissner, who was in the midst of the pandemic, became a member of the board of Julius Baer in Switzerland. However, Meissner resigned in October 2020. After only five months, he had been promoted to Credit Suisse.
RAFAEL LOPEZ LORENZO
Another short-lived appointment in Credit Suisse’s history. After less than a year as the bank’s chief compliance officer, he is leaving Credit Suisse. One source claimed that he was an ally of Antonio Horta Osorio, the former chairman.
Lopez Lorenzo is a Spanish national and joined Credit Suisse from JPMorgan (NYSE 🙂 in 2015. He was a managing director in New York.
The 47-year-old banker was one of a new generation of executives who were given the task of restoring Credit Suisse’s reputation after a series scandals. Gottstein was the former boss. He had previously managed compliance and risk functions under Lara Warner, who was fired last year following the twin scandals at Archegos Capital Management and Greensill Capital.