In a strategic move, former Swiss bank Credit Suisse confirmed the departure of Francesca McDonagh, its chief operating officer, in an announcement last Monday. This decision is part of the gradual process that will lead to the disappearance of the Credit Suisse brand before 2025, while it is integrated with UBS.

Francesca McDonagh, who previously served as CEO of Bank of Ireland from 2017 to 2022, took over in September 2022 as Credit Suisse embarked on a reform plan that ultimately failed to stabilize the bank. UBS urgently acquired Credit Suisse in May this year to avoid bankruptcy.

Other key positions at Credit Suisse remain unchanged so far, including André Helfenstein as CEO of the bank’s Swiss division and Simone Westerfeld as head of private clients, Swiss economic agency AWP reported.

As for the investment banking business in Switzerland, it will be led by two executives: Jens Haas, from Credit Suisse, and Martin Kesselring from UBS.

UBS anticipated at the end of August that the integration of Credit Suisse into its structure would lead to the loss of 3,000 jobs in Switzerland, of which a thousand would be affected in the short term and the remaining 2,000 in the coming years.

K. Tovar

Source: Bancaynegocios

(Reference image source: Ian Taylor, Unsplash)

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