Zurich (Reuters) -Dixit Joshi from Deutsche Bank (ETR:DBKGn) has been hired as Credit Suisse’s new chief financial officer, and Francesca McDonagh has been promoted to chief operating officer as the Swiss bank’s new boss shakes up the top positions.
Ulrich Koerner is the new CEO of Credit Suisse. After years of scandals and losses, he is trying to get the bank back on track.
Joshi, who was group treasurer at Deutsche Bank, will start on Oct. 1 as part of the reshuffle. Before that, from 1995 to 2003, he worked at Credit Suisse.
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The bank said that McDonagh, who was already named CEO of the EMEA region, will help Koerner with the steering and strategic development of the group, including changes to operations and costs.
A Credit Suisse representative said that Joshi had already left Deutsche Bank, and that He takes the place of David Mathers, who is leaving.
The Swiss bank also put Michael J. Rongetti in charge of asset management on an interim basis and said that all three people would report to Koerner. Joshi and McDonagh will also be added to the bank’s board of directors.
Koerner took over as CEO last month, and it is expected that he will cut back on investment banking and save money. The investment bank lost 1.12 billion Swiss francs ($1.17 billion) before taxes in the second quarter, and this quarter was also expected to be a loss.
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In a note, Zuercher KB analyst Christian Schmidger said, “We think that these new appointments are a step in the right direction toward stabilising the bank, and that the focus is now on the new strategy.”
The bank said that Francesco De Ferrari (NYSE:RACE), who is still in charge of the Wealth Management division, has been named CEO of the Europe, Middle East, and Africa (EMEA) region. He has been acting in this role since January.
The bank also named Michael Bonacker head of transformation. He will be in charge of changing the bank’s operating model and costs.
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Bank Julius Baer predicted before the market opened that shares would open 0.3% lower.
$1 is worth 0.9590 Swiss francs.
