Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Credit Suisse loses top executives Welter and McCarthy

Published 09/27/2022, 12:49 PM
Updated 09/27/2022, 02:46 PM
© Reuters. The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland September 26, 2022.    REUTERS/Arnd Wiegmann

By Silke Koltrowitz

ZURICH (Reuters) -Credit Suisse announced the departure of two senior executives, global co-head of banking Jens Welter and global head of global credit products Daniel McCarthy, in memos seen by Reuters, in a blow to the Swiss bank as it gets ready for a major restructuring.

Shaken by a string of scandals and losses, Switzerland's second-largest bank is currently preparing a strategy review including a radical overhaul of its investment bank.

The bank said that Welter, its global co-head of banking and EMEA co-head of investment banking and capital markets (IBCM), had decided to leave the bank.

It said in a separate memo that its global head of global credit products (GCP) Daniel McCarthy had also decided to leave after 15 years at the bank to pursue other opportunities.

A spokesperson for the bank confirmed the content of the memos.

Rival Citigroup (NYSE:C) said in a Tuesday statement that Welter was joining it in December as co-head of EMEA Banking, Capital Markets and Advisory, after 27 years at Credit Suisse.

Credit Suisse, which is due to reveal details of its strategy review on Oct. 27, said in the memo that it appointed David Wah as sole global head of banking, effective immediately. He was previously co-head of the division together with Welter.

It also appointed Joel S. Kent to succeed McCarthy as global head of GCP, effective immediately, and named Cathal Deasy and Giuseppe Monarchi as co-heads of IBCM in Europe, Middle East, and Africa.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Reuters reported last week that Credit Suisse is sounding out investors for fresh cash as it attempts an overhaul of its investment bank.

Latest comments

The most prolific headline in internet news history, "stock pare losses in late trade."  Another predictable last hour magic show in the BIGGEST INVESTEMENT JOKE OF THE WORLD.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.