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Credit Suisse announces management shake-up

By Alexandra Leonards

Credit Suisse has announced a management shake-up that will see a number of its executive board roles change hands.

The Swiss bank has hired Dixit Joshi as its new chief financial officer (CFO), replacing David Mathers who has stepped down after more than 11 years in the role.

For the past five years, Joshi has worked as group treasurer at Deutsche Bank.

The bank also said that Francesca McDonagh, who was previously announced as chief executive of the Europe, Middle East and Africa (EMEA) region, will become group chief operating officer (COO). She most recently served as group chief executive of the Bank of Ireland after holding several senior management roles at HSBC Group.

Both will join the organisation’s executive board.

Francesco De Ferrari, chief executive of the wealth management division, has instead been appointed as CEO of the EMEA region after serving in this role on an ad interim basis since January 2022.

Michael J. Rongetti has been named as ad interim chief executive of the bank’s asset management division, he will replace Ulrich Körner who was recently appointed group chief executive. In addition, he will continue to serve as head of asset management Americas and global head of investments and partnerships.

Michael Bonacker will become group head of transformation, leading the operating model and cost transformation work for the Group.

Commenting on the new appointments, group chief executive Ulrich Körne said: “They all join with extensive professional experience and a profound knowledge of the financial services industry, as we accelerate our efforts to make Credit Suisse a stronger, simpler and more efficient Group with more sustainable returns.”

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