Credit Suisse has appointed two new executive board members as part of its management overhaul following one of the most tumultuous periods in its 166-year history, writes The Financial Times.
Dixit Joshi, who was most recently group treasurer at Deutsche Bank, is taking over as chief financial officer after his predecessor David Mathers stepped down following more than 11 years in the role.
Francesca McDonagh, previously announced as Credit Suisse’s head of Europe, Middle East and Africa, will be appointed chief operating officer to support the chief executive with “operational and cost transformation”, - the Swiss bank said.
The appointments follow the promotion of former asset management head Ulrich Körner to chief executive last month. Körner is taking the helm following a series of scandals that caused the bank’s share price to hit a three-decade low this year.
The group’s shares have fallen 43 per cent this year.
Credit Suisse has been hit by twin crises surrounding its links to specialist finance group Greensill Capital and family office Archegos, which collapsed within weeks of each other last year. In 2019, the bank was embroiled in a corporate espionage scandal.