Swiss banking giant Credit Suisse Group (CS: Quote) Tuesday announced changes in its organizational structure and Executive Board, including the combination of the Private Banking and Asset Management Divisions to form the Private Banking & Wealth Management Division. The changes are effective November 30.
The changes ''will better align product development, advice and distribution and they will further reduce complexity across the bank for the benefit of all our clients and stakeholders,'' Credit Suisse chairman Urs Rohner said.
Hans-Ulrich Meister and Robert Shafir will partner in leading the newly formed Private Banking & Wealth Management Division. Meister is currently CEO Switzerland, while Shafir is CEO Asset Management.
Hans-Ulrich Meister will be Head of Private Banking. He will be responsible for running the Swiss franchise and the Private Banking client businesses in EMEA and Asia Pacific. As regional CEO, he will also continue to have responsibility for all businesses and clients in the bank's Swiss home market.
Robert Shafir will be Head of Private Banking & Wealth Management Products. He will also be responsible for the Private Banking client business in the Americas. Shafir will also continue to serve as the CEO of the Americas region for the bank.
The Investment Banking securities platform in Switzerland will be moved into Private Banking & Wealth Management, reporting to Shafir and Meister. The Solution Partners group will also report jointly to Meister and Shafir.
The company also said there will no longer be a dedicated CEO Asia Pacific and EMEA. Osama Abbas and Fawzi Kyriakos-Saad, who were CEOs for those two regions, are stepping down. Walter Berchtold, Chairman Private Banking, will also resign, and leave Credit Suisse after 30 years.
Eric Varvel and Gael de Boissard will together lead the Investment Banking Division. Varvel will continue to lead and oversee the management of the Equities & Investment Banking Department businesses while Boissard will focus on the management of the Fixed Income Department.
Additionally, Varvel will serve as CEO of the Asia Pacific region. Boissard will take on responsibility as CEO of the EMEA region and, subject to regulatory approval, will also be CEO of the UK entities Credit Suisse International and Credit Suisse Securities (Europe) Limited. Boissard will join the Executive Board of the bank as of January 1, 2013.
Brady Dougan, Chief Executive Officer of Credit Suisse, said, ''The changes announced today represent the next step in the continued development of our businesses towards achieving the targets that we have laid out."
The stock advanced 4.4 percent on Monday to close at 21.56 euros on 5.16 million shares.
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by RTT Staff Writer
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