Credit Suisse has hired former Barclays and Deutsche Bank investment banker Dixit Joshi as its chief financial officer and given incoming executive Francesca McDonagh a wider role as chief operating officer.
They were among five senior executive changes that are the first major executive appointments by Ulrich Koerner since he was appointed chief executive at the end of July, with the task of reviving the Swiss bank after a series of scandals. That will include further changes, and potential shrinking of its investment bank.
Joshi will start as chief financial officer on October 1, based in Zurich. He will fill the role being vacated by David Mathers, who announced earlier this year he was stepping down after 11 years in the position.
Joshi has been Deutsche’s group treasurer for the past five years, helping the German bank’s major overhaul and running down of unwanted assets.
Koerner said Joshi had an impressive turnaround track record and a lot of experience in investment banking that “will be invaluable on our journey in transforming the investment bank into a highly competitive banking and more sustainable markets business” that complements its core wealth business.
That suggests investment banking will remain a core part of Credit Suisse’s offering despite a call from major shareholder Harris Associates to review that business as part of Koerner’s strategic review. The bank has already said it will not put more capital into its structured finance arm, and is seeking new capital for that business which may see its stake diluted below 50%.
The results of the strategic review are scheduled to be released when the bank reports third-quarter figures.
Joshi joined Deutsche in 2011 and headed its fixed-income institutional client group, listed derivatives and markets clearing, global prime finance and equities in Asia-Pacific. Before that, he spent eight years at Barclays.
He previously worked for Credit Suisse from 1995 to 2003 in New York and London, after starting his career in 1992 at Standard Bank of South Africa.
Deutsche’s chief financial office James von Moltke said in an internal memo seen by IFR that the bank would be engaging in an internal process to identify Joshi’s successor. He would remain with the bank during the next few weeks before moving to Credit Suisse.
McDonagh, who was previously chief executive of Bank of Ireland and announced in April she would be joining Credit Suisse as chief executive of the EMEA region, will now join as chief operating officer on September 19, based in Zurich.
Credit Suisse said the new role will support group chief executive Koerner in the steering and strategic development of the group including operational and cost transformation. She previously held senior roles at HSBC.
Credit Suisse said Michael Rongetti will take over as interim chief executive of the asset management division with immediate effect, taking the spot vacated by Koerner. He will continue as head of asset management Americas and global head of investments and partnerships. Rongetti was previously chief financial officer of asset management from 2012 to 2021 and joined the bank in 1998. He will continue to be based in New York.
Francesco De Ferrari, who was chief executive of wealth management, has been appointed chief executive of EMEA. He has been interim chief of the unit.
Michael Bonacker has been appointed head of transformation, tasked with leading operating model and cost transformation work, starting on September 1. He will report to McDonagh. Bonacker is currently vice-chairman of investment banking and capital markets for EMEA, and only joined in February after previous senior roles at Oliver Wyman, UBS, Commerzbank, Lehman Brothers/Nomura, Deutsche Bank and McKinsey. He will be based in Zurich.