Credit Suisse named Dixit Joshi as chief financial officer, effective Oct. 1, and Francesca McDonagh as global chief operating officer, effective Sept. 19, in another top-level upheaval following the hiring of Ulrich Koerner as CEO last month.
It also named Michael J. Rongetti as ad hoc chief executive officer of the asset management division, and all three will report to Koerner, according to a statement.
Francesco De Ferrari, who continues to lead the Wealth Management division, has been named CEO of the Europe, Middle East, and Africa (EMEA) region after serving in this capacity on an interim basis since January, according to the bank.
After a spate of scandals and losses, Switzerland’s second-largest bank is attempting to regain its footing. Koerner, the company’s new CEO, is anticipated to reduce investment banking and slash costs.
Credit Suisse’s investment bank lost 1.12 billion Swiss francs ($1.17 billion) before taxes in the second quarter and was projected to lose money again this quarter.
Joshi comes to Credit Suisse after five years as group treasurer at Deutsche Bank. He takes over for David Mathers, who is departing out, as previously disclosed by Credit Suisse.
McDonagh, who was previously appointed as CEO of the EMEA area, will help Koerner as COO in the group’s steering and strategic development, including operational and cost transformation, according to the bank.
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