Credit Suisse (CS) announced changes in its organizational structure and to its executive board, effective November 30, 2012. The Private Banking and Asset Management units would be combined to form the Private Banking & Wealth Management Division, while Hans-Ulrich Meister and Robert Shafir would partner in leading this division.
Hans-Ulrich Meister would be the Head of Private Banking with responsibility for running the Swiss franchise and the Private Banking client businesses in EMEA and Asia Pacific; whereas Robert Shafir would be the Head of Private Banking & Wealth Management Products, who's responsible for the current asset management products, Investment Services & Products, CS Trust and Research, as well as for the Private Banking client business in the Americas. Also, Robert Shafir would continue to serve as the CEO of the Americas region for the bank.
The Investment Banking securities platform in Switzerland would be moved into Private Banking & Wealth Management and report to Robert Shafir and to Hans-Ulrich Meister. The Solution Partners group would also jointly report to Hans-Ulrich Meister and Robert Shafir.
According to the company, the changes announced today mean that the roles of dedicated CEO Asia Pacific and EMEA no longer exist. Osama Abbasi and Fawzi Kyriakos-Saad, who serve as CEOs for those two regions, are leaving the firm. In addition, Walter Berchtold, Chairman Private Banking, has informed that he would be stepping down from his role and leave Credit Suisse after 30 years.
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