Dive Brief:
- Dixit Joshi, most recently a managing director and group treasurer at Deutsche Bank, is rejoining Credit Suisse as CFO, effective Oct. 1, after an almost two-decade-long hiatus, the company said Monday.
- Francesca McDonagh, the former Bank of Ireland CEO whom Credit Suisse announced in April would become its head of Europe, Middle East and Africa (EMEA), will be appointed chief operating officer, the Swiss lender said Monday.
- The executive shuffle comes roughly a month after Switzerland’s second-largest bank appointed Ulrich Körner as CEO, replacing Thomas Gottstein.
Dive Insight:
Joshi started his career at Credit Suisse in 1995 as a managing director and moved on to roles at Barclays Capital, Pratham UK, City Hindus Network and the International Swaps and Derivatives Association (ISDA) before moving to Deutsche, according to his LinkedIn profile.
In a post Monday on the job-networking site, Joshi wrote he was “delighted to rejoin Credit Suisse where I spent some of my early formative years. I am humbled to take on the role of Chief Financial Officer, joining the Executive Board.”
Joshi is taking over for David Mathers, whom the bank said in April would leave the company after 11 years in the CFO role.
“Dixit has an impressive turnaround track-record, with a broad experience across a range of investment-banking businesses, which will be invaluable on our journey in transforming the investment bank into a highly competitive banking and more sustainable markets business that complements wealth management” and the Swiss unit, Körner said in a statement Monday.
Credit Suisse last month announced a strategic review meant to de-emphasize its investment bank and ramp up cost-cutting measures. As much as two-thirds of the investment-banking unit could be cut in the most extreme case, senior Credit Suisse employees told Bloomberg this week on condition of anonymity.
McDonagh, in her role as COO, will support Körner with “operational and cost transformation,” the bank said. She’ll have help.
Credit Suisse on Monday named Michael Bonacker as its head of transformation. He joined the bank in February after stints at Oliver Wyman and UBS, and will report to McDonagh.
Meanwhile, Credit Suisse named Michael Rongetti as interim CEO of asset management, a division Körner led before taking the bank’s top post.
Credit Suisse’s wealth-management chief, Francesco de Ferrari, will lead the EMEA region initially earmarked for McDonagh, the bank said.
Monday’s executive shuffle continues a shift that began last month in earnest, as the bank announced its investment-banking chief, Christian Meissner, would shift to a role centered on the unit’s strategic transformation. In his place, the bank named David Miller and Michael Ebert to co-lead the investment bank.
Credit Suisse reported a $1.7 billion net loss in revenue during 2022’s second quarter — a 29% drop from the same three-month span a year ago.
