Credit Suisse welcomes De Ferrari back to running the wealth management business

Credit Suisse logo on the window of Credit Suisse Group AG bank branch in Zurich, Switzerland.

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Credit Suisse announced a series of appointments with its management on Monday as the Swiss bank looks to move on from a bad year in which it was battered by a series of controversies and losses.

Switzerland’s second-largest bank said Francesco De Ferrari will return to the company as CEO of wealth management and interim CEO of Europe, the Middle East and Africa.

De Ferrari, who worked at Credit Suisse from 2002 to 2018, joins leading Australian wealth management firm AMP.

His appointment comes after Credit Suisse announced a new strategy to curb its investment bankers and pour money into taking care of the fortunes of the world’s rich.

The lender’s share price has fallen by nearly a quarter this year after the bank suffered heavy losses from the collapse of the Archegos family office in the US. It is also seeing customer losses due to the collapse of supply chain finance firm Greensill.

At AMP, Ferrari oriented the company in a new direction after a banking royal commission revealed widespread misconduct, including charging customers for services it did not provide and misleading customers. management agencies.

His previous career at Credit Suisse included stints as Head of Private Banking Asia Pacific and Managing Director of Southeast Asia and Frontier Markets. From 2008 to 2011, De Ferrari was the Managing Director of Private Bank of Italy.

Credit Suisse President Antonio Horta-Osorio said De Ferrari has “deep knowledge of Credit Suisse and the industry, which strengthens our Executive Board at this important intersection in our journey.”

Christian Meissner, Credit Suisse’s Managing Director of Investment Banking has been appointed as CEO of the Americas, Helman Sitohang and Andre Helfenstein as CEO of Asia Pacific, respectively. and Switzerland, and Mark Hannam was appointed Director of Internal Audit.

Horta-Osorio, who has made compliance and risk management a top priority, said the appointment completes the bank’s new regional and divisional structure and will help shape its strategy. Bank.

“Risk management will be at the core of everything we do, with the Board and Executive Board working together to foster a culture that underpins the importance of accountability and responsibility across the board. banking ministry,” the Chairman, who spoke later. admitted to violating Switzerland’s COVID-19 quarantine regulations.

Credit Suisse has also been reprimanded for allegedly snooping on former top wealth management executive Iqbal Khan and fined for bribery and fraud charges related to a $2 billion corruption scandal in Mozambique. .


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