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August 11, 2009

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Benmosche leaves CS for AIG

ROBERT Benmosche, who starts this week as the new president and CEO of American International Group Inc, has stepped down from Credit Suisse Group's board with immediate effect, the Swiss bank said yesterday.

Credit Suisse Chairman Hans-Ulrich Doerig said Benmosche, 65, had made a "significant contribution" during his seven years as member of the bank's board.

"The experience and judgment he shared with Credit Suisse have been very important over the last two years as the bank has successfully navigated through the difficult challenges in the global marketplace and the financial system," Doerig said.

Credit Suisse this year overtook its main rival UBS AG as Switzerland's largest bank by market capitalization, profiting from its lower exposure to the American subprime market and a faster turnaround in its investment banking unit.


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