Zurich Two top managers are stepping down from their posts at the crisis-ridden Swiss bank Credit Suisse. Credit Suisse announced on Tuesday that it was the co-head of Global Banking, Jens Welter, and the head of Global Credit Products, Daniel McCarthy. The major Swiss bank appointed Joel S. Kent as McCarthy’s successor.
David Wah, who previously co-headed Global Banking with Welter, has been appointed sole head of the division. The major American bank Citigroup said that Welter will start with them in December as co-head of the EMEA Banking, Capital Markets and Advisory department.
The two managers are leaving the bank, which has been plagued by a string of failures, ahead of a planned restructuring that insiders say will involve job cuts and a downsizing of investment banking. The results of the strategy review are scheduled to be presented on October 27.
More: Credit Suisse is reportedly considering splitting up the investment bank
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