Credit Suisse appoints Dixit Joshi as new CFO, Francesca McDonagh as COO

Credit Suisse appoints Dixit Joshi as new CFO, Francesca McDonagh as COO
© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland February 21, 2022. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) -Credit Suisse on Monday named Dixit Joshi as chief financial officer from Oct. 1 and Francesca McDonagh as group chief operating officer from Sept. 19, another top management reshuffle following the appointment of Ulrich Koerner as chief executive last month.

It also appointed Michael J. Rongetti as ad interim chief executive officer of the asset management division and said in a statement all three would report to Koerner.

Francesco De Ferrari (NYSE:RACE), who remains head of the Wealth Management division, is also appointed CEO of the Europe, Middle East and Africa (EMEA) region after serving in this role on an ad interim basis since January, the bank said.

Switzerland’s second-biggest bank is trying to get back on track after a string of scandals and losses. Its new CEO Koerner is expected to scale back investment banking and cut costs.

Credit Suisse’s investment bank recorded a pretax loss of 1.12 billion Swiss francs ($1.17 billion) in the second quarter and was expected to lose money again this quarter.

Joshi joins Credit Suisse from Deutsche Bank (ETR:DBKGn), where he was group treasurer for the last five years. He replaces David Mathers who is stepping down, as previously announced, Credit Suisse said.

McDonagh, previously announced as CEO of the EMEA region, will, as COO, support Koerner in the steering and strategic development of the group including operational and cost transformation, the bank said.

It also appointed Michael Bonacker as head of transformation, leading the operating model and cost transformation work.

($1 = 0.9590 Swiss francs)

Source: Reuters