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August 22, 2022

Credit Suisse appoints new CFO and COO in management reshuffle

Credit Suisse Group has hired Dixit Joshi as its new CFO and Francesca McDonagh as the group COO in a reorganisation of its top leadership.

Both Joshi and McDonagh will become members of the bank’s executive board and operate out of Zurich, Switzerland.

The Swiss lender also appointed Michael J Rongetti as the ad interim CEO of its Asset Management unit.

All the three newly named employees will report directly to Credit Suisse’s group CEO Ulrich Körner.

Rongetti replaced the Asset Management unit’s current CEO Francesco De Ferrari, who has been named as CEO of the Europe, Middle East and Africa (EMEA) region. Ferrari has been working in the newly appointed position on an ad interim basis since January this year.

Joshi, who has rejoined Credit Suisse, is expected to take charge of his new role as CFO on 1 October this year. He will take the position of the current CFO David Mathers, who has decided to stand down from his role after a duration of over 11 years.

Joshi has been working a group treasurer at Deutsche Bank for the last five years. During his stint with Deutsche Bank, he was involved in rearranging the bank’s operations and reforming its balance sheet.

Throughout his three decade-long-career, Joshi served in a number of senior investment banking positions across various regions globally.

In addition, Joshi worked as Deutsche Bank’s Fixed-Income Institutional Client Group head. He also worked as head of the bank’s Listed Derivatives and Markets Clearing as well as Global Prime Finance APAC Equities in Hong Kong.

Prior to joining Deutsche Bank in 2011, Joshi served in senior positions at Barclays Capital, among others.

The appointment of Credit Suisse’s new COO McDonagh, who was earlier named as CEO of the EMEA region, is anticipated to become effective from 19 September this year.

In her new position, McDonagh aims to help the group CEO in developing the bank’s strategic initiatives such as operational and cost transformation.

Rongetti, who is set to assume his new role immediately, will replace Ulrich Körner, who has been named as the group CEO. He will continue to work as head of the bank’s Asset Management Americas business and Investments and Partnerships’ global head, stated Credit Suisse.

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