Zurich The new Credit Suisse CEO Ulrich Körner has made the first important personnel decisions. Credit Suisse announced on Monday that Dixit Joshi would become chief financial officer of the major Swiss bank on October 1. Joshi was most recently a Treasurer at Deutsche Bank Group for five years, where he played a key role in restructuring the bank and its balance sheet.
The troubled institute also announced that Francesca McDonagh, originally slated to head its Europe, Middle East and Africa (Emea) region business, will become group chief operating officer effective September 19.
“Dixit has an impressive turnaround track record with a broad experience across different business areas,” said Körner. This is of great importance for the forthcoming restructuring of the investment bank.
During his 30-year career, he has held leadership positions in multiple regions, leading various business areas and complex transformations. Before joining Deutsche Bank in 2011, he was at British Barclays. Between 1995 and 2003, Joshi worked for Credit Suisse in New York and London. He now succeeds David Mathers, whose resignation the bank announced at the end of April.
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Michael Rongetti will be responsible for the asset management previously managed by Körner on an interim basis. The head of core wealth management, Francesco De Ferrari, will take over the additional position as head of the Emea region on a permanent basis, having filled the position on an interim basis since January.
Major reorganization in investment banking
After another loss of billions, Körner surprisingly took over the helm at the second largest Swiss bank at the end of July. The former McKinsey consultant and restructuring expert is now to subject the money house to another restructuring and, above all, to evaporate the investment banking.
Meanwhile, the Bloomberg news agency, citing insiders, reports that up to two-thirds of the division are at risk when the investment bank is restructured. Accordingly, one possibility is that the investment bank could cease to exist as an independent division. The remaining parts needed for asset and wealth management and Swiss banking could then be allocated to these areas.
More: Clear cut in investment banking – how the second largest Swiss bank wants to get out of the crisis