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Credit Suisse to merge units as shake-up of top execs unveiled
Source: Agencies |
November 21, 2012, Wednesday
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CREDIT Suisse said yesterday its private banking arm would swallow its smaller asset management unit to cut costs and announced a management shake-up that raises the profile of those jockeying to succeed its beleaguered chief executive.
The Zurich-based bank also reinforced its commitment to fixed-income business, after local rival UBS all but abandoned it, by promoting debt banker Gael de Boissard, who will co-run its investment bank from November 30 and join Credit Suisse's top management team from next year.
De Boissard will run fixed-income and head Europe, the Middle East and Asia. Current investment banking chief Eric Varvel will run equities and the investment banking department, which includes corporate finance, as well as becoming chief executive of Asia-Pacific, the bank said.
At the private banking unit, which looks after the financial affairs of wealthy clients, current head Hans-Ulrich Meister will be joined by asset management head Robert Shafir, who is credited with making his former unit more profitable, though it is still dwarfed by the private bank and investment bank units.
"This streamlined structure will produce further synergies and help reduce expenses across the bank," Credit Suisse Chief Executive Brady Dougan said in a statement.
It also showcases top executives in the running to take over from Dougan, according to sources.
"The two names mentioned most often (to succeed Dougan) are Meister and Shafir. They don't get along, so if one jumps ahead, then the other one is likely to leave," one of the sources said.
The 53-year-old Dougan came under pressure in June when Credit Suisse was taken to task by Switzerland's central bank for holding insufficient capital.
The bank has since said it would boost capital by 15.3 billion francs (US$16.29 billion) by issuing convertible bonds, cutting costs and selling real estate.
Credit Suisse didn't comment on the future of or potential successors to Dougan, an American investment banker who has been in charge since 2007.
"The changes announced today are a stepping-up of our strategy. They will ... further reduce complexity across the bank for the benefit of all our clients and stakeholders," Credit Suisse chairman Urs Rohner said in a statement.
Top executives Osama Abbasi and Fawzi Kyriakos-Saad, who run Asia Pacific and EMEA, respectively, will both leave Credit Suisse, the bank said, adding that private banking chairman Walter Berchtold would also depart.
The personnel changes and reorganization come three weeks after Credit Suisse said it would cut an extra 1 billion Swiss francs of costs as part of efforts to bolster capital and profits.
The Zurich-based bank also reinforced its commitment to fixed-income business, after local rival UBS all but abandoned it, by promoting debt banker Gael de Boissard, who will co-run its investment bank from November 30 and join Credit Suisse's top management team from next year.
De Boissard will run fixed-income and head Europe, the Middle East and Asia. Current investment banking chief Eric Varvel will run equities and the investment banking department, which includes corporate finance, as well as becoming chief executive of Asia-Pacific, the bank said.
At the private banking unit, which looks after the financial affairs of wealthy clients, current head Hans-Ulrich Meister will be joined by asset management head Robert Shafir, who is credited with making his former unit more profitable, though it is still dwarfed by the private bank and investment bank units.
"This streamlined structure will produce further synergies and help reduce expenses across the bank," Credit Suisse Chief Executive Brady Dougan said in a statement.
It also showcases top executives in the running to take over from Dougan, according to sources.
"The two names mentioned most often (to succeed Dougan) are Meister and Shafir. They don't get along, so if one jumps ahead, then the other one is likely to leave," one of the sources said.
The 53-year-old Dougan came under pressure in June when Credit Suisse was taken to task by Switzerland's central bank for holding insufficient capital.
The bank has since said it would boost capital by 15.3 billion francs (US$16.29 billion) by issuing convertible bonds, cutting costs and selling real estate.
Credit Suisse didn't comment on the future of or potential successors to Dougan, an American investment banker who has been in charge since 2007.
"The changes announced today are a stepping-up of our strategy. They will ... further reduce complexity across the bank for the benefit of all our clients and stakeholders," Credit Suisse chairman Urs Rohner said in a statement.
Top executives Osama Abbasi and Fawzi Kyriakos-Saad, who run Asia Pacific and EMEA, respectively, will both leave Credit Suisse, the bank said, adding that private banking chairman Walter Berchtold would also depart.
The personnel changes and reorganization come three weeks after Credit Suisse said it would cut an extra 1 billion Swiss francs of costs as part of efforts to bolster capital and profits.
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