Credit Suisse overhauls top executive team

Credit Suisse has announced a major restructuring of key management positions. As part of the move, the Swiss bank's chief financial officer, head of Asia Pacific, and general counsel will all be replaced.  

Francesca McDonagh, the chief executive of Bank of Ireland, will join Credit Suisse as head of Europe, the Middle East, and Africa, less than 24 hours after she announced her departure. Francesca, who will be based in Zurich, will also join the Executive Board, reporting directly to Group CEO Thomas Gottstein.

Francesca served in several senior management roles at HSBC Group, including Group General Manager and Regional Head of Retail Banking and Wealth Management, UK and Europe.

David Mathers, the group's finance chief since 2010, will step down. Credit Suisse has launched an internal and external search to find the optimal candidates for the two roles. 

Helman Sitohang, head of APAC, will be replaced in June by Edwin Low, co-head of APAC investment banking, while general counsel Romeo Cerutti will depart the bank in July, to be replaced by Markus Diethelm, who formerly held a similar position at UBS.

Helman will stay with Credit Suisse and become a senior advisor to the Group CEO, focusing on core clients and strategic development around the APAC region.

Thomas Gottstein, Group CEO, said: "I am looking forward to having Francesca, Markus and Edwin on the Executive Board given their deep professional insights and profound knowledge of the financial services industry.”