By Pamela Barbaglia
(Reuters) – Credit Suisse’s latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. The bank is significantly reducing its workforce, cutting overall headcount from around 52,000 at the end of the third quarter to 43,000 by the end of 2025.
Here is a list of the key people affected by the bank’s latest revamp starting with those who are “in” and taking on more responsibilities and those who are “out” and no longer involved in its management.
IN:
MICHAEL KLEIN
A former Citigroup Inc dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He will step down from the board of directors to take the helm of CS First Boston, acting as the unit’s CEO designate.
The 59-year old American banker is no stranger to entrepreneurial projects. He launched his own advisory boutique, M. Klein & Company, in 2010 and worked on several high-profile deals including Saudi Aramco’s listing in 2019.
MICHAEL EBERT
Ex-Bank of America Corp banker Ebert has been elevated to co-head of the markets business, reporting directly to Körner.
He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. Based in New York, Ebert was elevated in July to lead the investment banking business with David Miller while the unit’s former boss Christian Meissner was gradually sidelined.
KEN PANG
A key figure of Credit Suisse in Asia, Hong Kong-based banker Pang has been promoted to co-head the markets business with Ebert. He rose during the bank’s latest reshuffle of its regional and divisional leaders in Asia Pacific in late 2021 and currently serves as co-head of global trading solutions and co-head of the investment bank for the Asia Pacific region.
FRANCESCO DE FERRARI
The Swiss and Italian national holds the keys of Credit Suisse’s prized wealth-management business, where its strategic focus has shifted. The 53-year-old returned to Credit Suisse in January as CEO of its wealth-management division and interim CEO of Europe, Middle East and Africa after a stint leading Australian wealth management company AMP.
His earlier career at Credit Suisse included periods as head of private banking in the Asia Pacific region and CEO of South East Asia and frontier markets. Between 2008 and 2011, De Ferrari was CEO of Credit Suisse’s private banking in Italy.
LOUISE KITCHEN
A Deutsche Bank veteran, Kitchen quit the German bank last year to join Credit Suisse and will play a key role in its revamp by taking the helm of its Capital Release Unit (CRU) – a job that will report to Chief Financial Officer Dixit Joshi.
At Deutsche Bank she was already heading the capital release group and also served as a member of the group management committee. Before joining Deutsche Bank in 2005, she worked for UBS.
NITA PATEL
A former Goldman Sachs banker, Nita Patel is rising to a key position within the new Credit Suisse. She will become the bank’s new chief compliance officer on Nov. 1 and will join the executive board, reporting directly to Körner.
Patel joined Credit Suisse last year and most recently served as chief compliance officer of the asset management division as well as the UK investment bank. She was also a member of various key business and compliance committees.
OUT:
CHRISTIAN MEISSNER
A former Bank of America executive, Meissner is leaving Credit Suisse without having had much of a say on the bank’s strategic overhaul, according to one source. He joined Credit Suisse in 2020 as co-head of a new division which combined international wealth management and investment banking advisory.
The 53-year-old Austrian dealmaker was a key lieutenant to Credit Suisse’s former boss Thomas Gottstein and was promoted last year to run the Swiss lender’s entire investment banking activities.
In the midst of the pandemic Meissner became a board member of Swiss private bank Julius Baer but quit in October 2020 after only five months in the post to join Credit Suisse.
RAFAEL LOPEZ LORENZO
Another short-lived appointment in the history of Credit Suisse. The bank’s chief compliance officer is leaving Credit Suisse after spending little more than a year in the post. He was a close ally of former chairman Antonio Horta-Osorio, one source said.
A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan where he was a managing director in New York.
The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse’s reputation after a series of scandals. Former boss Gottstein had combined compliance and risk functions under Lara Warner who was removed last year after the twin hits from Greensill Capital and Archegos Capital Management.
(Reporting by Pamela Barbaglia in London; Editing by Matthew Lewis)