Francesca McDonagh, Credit Suisse’s chief operations officer, is leaving the bank, CEO Ulrich Körner wrote Monday in the staff memo seen by the Financial Times and Bloomberg.

McDonagh is resigning “to pursue a new opportunity outside of the bank,” Körner wrote, but added she will “remain available to ensure a smooth transition” amid the bank’s integration with longtime rival UBS.

The memo did not specify McDonagh’s next role, but people with knowledge of the situation told the Financial Times she has agreed to become chief executive at an unnamed company in January.

McDonagh was being considered for the top job at NatWest after Alison Rose left the bank, the Financial Times reported last month. NatWest last week named former Mastercard chairman Rick Haythornthwaite as chair. He will lead NatWest’s CEO recruiting effort starting in January.

Credit Suisse was quick to hold onto McDonagh when the Swiss government-forced merger with UBS closed in June. She was one of four executive board members Credit Suisse said was staying, along with Christine Graeff, the bank’s head of human resources; Andre Helfenstein, CEO of the Swiss domestic unit; and Nita Patel, the bank’s chief compliance officer.

McDonagh joined Credit Suisse in April 2022 after unexpectedly leaving the top role at Bank of Ireland. She was originally hired to run Credit Suisse’s Europe, the Middle East and Africa operations but ascended to chief operations officer before she actually started at the bank.

McDonagh became responsible for launching a cost-cutting effort at Credit Suisse before the government — and, by proxy, UBS — stepped in. After the merger was announced in March, McDonagh oversaw the preparation for the integration with UBS.

“I am very appreciative of her leadership, partnership, focus, and the energy she brought to the executive board during a period of challenge and change,” Körner said of McDonagh on Monday.