Credit Suisse hires new finance chief in boardroom shake-up
Embattled Swiss lender Credit Suisse has hired Deutsche Bank’s Dixit Joshi as finance chief and promoted Francesca McDonagh to chief operating officer as it looks to reset after a string of crises.
Joshi, who was group treasurer at Deutsche Bank, will take over the role on October 1st, having previously worked at the bank from 1995 to 2003.
McDonagh – previously CEO of the EMEA region – will now support Koerner in the steering and strategic development of the group as COO, the bank said.
Michael J. Rongetti has alsoe been appointed as interim head of the asset management division and all three will report to Koerner, the bank said. Joshi and McDonagh will also join the bank’s executive board.
The boardroom shake-up comes as Credit Suisse looks to regain its momentum after reporting consecutive losses this year amid soaring legal costs and a slowdown in its investment banking division.
The bank was hit by twin crises last year when its links to the collapse of Archegos Capital and Greensill saw it book billions of dollars of losses.
Analysts said today the appointment were a positive move for the firm as it looks to steady the ship.
“We think that these new appointments are a step in the right direction towards stabilising the bank and that the focus is now on the new strategy,” Zuercher KB analyst Christian Schmidiger said in a note.