Credit Suisse Group’s Brazilian subsidiary has appointed Marcello Chilov as its new CEO, Reuters has reported.

In January this year, the lender had named Chilov, along with Ivan Monteiro, as interim co-CEO of Credit Suisse Brasil.

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Monteiro, ex-CEO of state-run oil firm Petrobras, has now been appointed as chairman of the unit’s wealth and investment banking business.

Following the new appointment, both Chilov and Monteiro will report to Credit Suisse investment bank and Americas CEO, Christian Meissner.

They will also remain board members of Credit Suisse Brasil, which is headed by Ana Paula Pessoa.

Chilov will continue to lead the bank’s wealth management unit in Latin America and will report to wealth management division CEO Francesco De Ferrari.

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The latest development comes as the Swiss wealth manager is mulling to axe thousands of jobs globally to overhaul its dwindling business, stated a recent Bloomberg report.

The cuts are expected to reduce overall cost of the lender by another $1bn.

Last month, Credit Suisse had named Roger Suter to lead its private banking division in Switzerland.  

Suter, who succeeded existing manager Serge Fehr, has been a part of Credit Suisse since 1993. In 2012, Suter was designated as the regional head of Central Switzerland.