Credit Suisse Overhauls Investment Bank's Top Brass -- Update
September 18 2017 - 10:30AM
Dow Jones News
By Brian Blackstone
ZURICH -- Credit Suisse Group AG on Monday unveiled a raft of
changes to the upper ranks of its investment bank, bringing in new
co-heads for Europe, the Middle East and Africa as the Swiss
banking giant revamps the division amid a broader strategic
overhaul.
Mathew Cestar and Jens Welter, both Credit Suisse veterans, have
been appointed co-heads of investment banking and capital markets
for the region. They succeed Marisa Drew and Mark Echlin, who have
moved on to other positions within the bank.
Mr. Echlin has been appointed chairman of U.K. investment
banking and capital markets. Ms. Drew will now head the newly
created impact advisory and finance department, which supports the
bank's social investing and philanthropic endeavors.
The management shuffle comes as the Swiss banking giant
undertakes a broad strategic shift to put greater emphasis on its
more predictable wealth management operations while scaling back
investment banking, which can be highly profitable but also
volatile.
While investment banking has recently proven to be attractive
for Credit Suisse, with revenues and profit up sharply in the first
half of 2017, the bank lags behind its U.S. rivals.
Credit Suisse ranked ninth in the first half of this year
measured by investment banking revenue for Europe, the Middle East
and Africa, according to Dealogic.
The top four positions are dominated by U.S.-based banks.
JPMorganChase & Co. holds the top position followed by
Citigroup Inc., Goldman Sachs Group Inc. and Bank of AmericaMerrill
Lynch. Deutsche Bank is fifth.
--Ben Dummett in London contributed to this article.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
September 18, 2017 10:15 ET (14:15 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Sep 2024 to Oct 2024
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Oct 2023 to Oct 2024