ZURICH (Reuters) – UBS followed up the announcement it had closed the takeover of stricken rival Credit Suisse on Monday with a raft of management changes.
Here are the highlights:
OUT
Leaving the company:
* Credit Suisse General Counsel Markus Diethelm. The bank appeared to be more willing to settle legal matters during his tenure compared with his predecessor Romeo Cerutti, whom he replaced in April 2022.
* Chief Financial Officer Dixit Joshi. He was hired from Deutsche Bank in August 2022.
* CEO Asia Pacific Region Edwin Low. He played a role in Credit Suisse’s expansion in China.
* David Miller, Global Head of IBCM and Credit, Co-head of investment bank, and Americas CEO.
* Ken Pang, Co-head of markets. A key figure of Credit Suisse in Asia, Hong Kong-based banker Pang had been promoted to the role in October 2022.
TRADING PLACES
Stepping down from the executive board and moving to new roles:
* Francesco De Ferrari becomes senior advisor to Iqbal Khan, president of UBS Global Wealth Management. The Swiss-Italian national returned to Credit Suisse in January 2022 as head of its wealth management division after a stint leading Australian wealth management company AMP.
* Joanne Hannaford becomes Head of Wealth Management U.S. Technology, reporting to Mike Dargan, UBS Group Chief Operations and Technology Officer.
* David Wildermuth becomes Chief Risk Officer for the Americas and for the combined U.S. Operations, reporting to Christian Bluhm, UBS Group Chief Risk Officer.
NEWCOMERS
Appointments to the executive board of Credit Suisse AG:
* Michael Ebert – becomes Head of Credit Suisse for the investment bank, and head of Americas for the investment bank at UBS. Recently he was co-head of markets and co-head of the investment bank.
* Simon Grimwood – becomes CFO of Credit Suisse AG. Previously he was global head of tax and finance change at the bank.
* Isabelle Hennebelle – becomes Head of Credit Suisse Operations, switching from her previous role as head of global operations at the bank.
* Claude Honegger – becomes Credit Suisse Chief Technology Officer.
* Mike Rongetti – becomes CEO Credit Suisse Asset Management. The industry veteran will have spent his entire 30 year career at the combined firm, including his initial five- year stint at UBS.
* Jake Scrivens – becomes General Counsel in addition to his role as UBS Head Global Litigation.
* Yves-Alain Sommerhalder – made Head of Wealth Management and head of EMEA for Credit Suisse. He returns to the bank after leaving in October last year.
* Damian Vogel – becomes Chief Risk Officer for Credit Suisse AG, in addition to his current role as Head of Risk Integration for UBS Group.
STAYING PUT
The following executives will continue in their existing roles for Credit Suisse AG.
* Christine Graeff – the former European Central Bank communications director remains as Head of Human Resources.
* Andre Helfenstein – continues as CEO Swiss bank, the jewel in the Credit Suisse business whose future UBS is currently considering.
* Francesca McDonagh – remains as Chief Operating Officer.
* Nita Patel – the former Goldman Sachs banker continues as Chief Compliance Officer, a role she took on in November 2022.
(Reporting by John Revill; Editing by Tomasz Janowski)
