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December 13, 2021

Credit Suisse hires former AMP chief to lead wealth unit

By Verdict Staff

Credit Suisse has hired former AMP CEO Francesco De Ferrari as the new CEO of its wealth management division.

Ferrari will also act as ad interim CEO of the group’s Europe, Middle East and Africa (EMEA) division.

Before joining AMP, Ferrari worked with Credit Suisse from 2002 to 2018. During this period, he held senior positions including head of Private Banking APAC and CEO of South East Asia and Frontier Markets.

In his new role, he will report to Credit Suisse Group CEO Thomas Gottstein and join the group’s executive board, effective 1 January 2022.

Credit Suisse chairman António Horta-Osório said: “I am delighted to welcome Francesco to his new role. He joins with an impressive track record and a profound knowledge of Credit Suisse and the industry, reinforcing our Executive Board at this critical junction in our journey.

“He will undoubtedly play a crucial role in delivering on the Group’s new strategy, towards a much stronger, more client-centric bank, with leading global businesses and regional franchises.”

Between 2008 and 2011, Ferrari was CEO of Credit Suisse’s private banking unit in Italy, after previously serving as Business COO for Private Banking EMEA.

He worked in a number of key roles in Italy between 2002 and 2006, including COO for the country.

Between 1990 and 2001, he served different roles at companies including Nestlé and McKinsey.

Other senior appointments

In addition to the appointment of new wealth chief, Credit Suisse has announced a number of new appointments to its senior management team.

The Zurich-headquartered bank has named its investment banking chief Christian Meissner as the new CEO of the Americas region.

It has also hired Helman Sitohang and André Helfenstein as CEOs of the APAC and Switzerland regions, respectively.

Additionally, the bank appointed Mark Hannam as head of Internal Audit.

Philipp Wehle, who has been CEO of International Wealth Management since 2019, will now become CFO of Wealth Management and Head Client Segment Management Global Wealth.

Wehle will work closely with Ferrari.

Commenting on the development, Gottstein said: “With these appointments, as well as the appointment of Christian as CEO of the Americas region, the bank’s new divisional and regional structure is now complete and I am looking forward to working with all my Executive Board colleagues on executing our new strategy from January 1, 2022.”

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