Zurich — Credit Suisse has hired Deutsche Bank’s Dixit Joshi as CFO and promoted Francesca McDonagh to COO as the Swiss lender’s new boss overhauls the top ranks., the latest in a string of CEO at Credit Suisse, is trying to put the bank back on track after years of scandal and losses.
McDonagh, initially announced as CEO of the Europe, Middle East and Africa region, will instead become COO to support Koerner in steering the group and in its strategic development, including changes to operations and costs, the bank said. The German bank said Joshi had helped secure a strong balance sheet essential for its transformation.Credit Suisse also appointed Michael J Rongetti as interim head of the asset management division, replacing, and said that all three new appointees would report to the bank’s new group CEO. Joshi and McDonagh will also join the bank's executive board.
“We think that these new appointments are a step in the right direction towards stabilising the bank and that the focus is now on the new strategy,” Zuercher analyst Christian Schmidiger said in a note.