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December 21, 2021

Credit Suisse investment bank chairman to step down

By Verdict Staff

Credit Suisse’s investment bank chairman and Credit Suisse Holdings (USA) CEO Eric Varvel is reportedly departing from the Swiss group after 30 years of service.

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The news, which was confirmed by the bank, was first reported by Reuters based on memo sent to employees by Credit Suisse CEO Thomas Gottstein.

The reason for Varvel’s exit was not disclosed by the bank.

Varvel was previously head of Credit Suisse’s asset management division, which sold securities linked to collapsed British financial services firm Greensill Capital.

Following the scandal, Varvel pulled out of the asset management in a leadership overhaul.

Gottstein wrote in the memo: “I speak for us all when I say we appreciated Eric’s optimism, his leadership and his winning attitude. He has developed remarkably durable and deep relationships with colleagues and clients alike.

“Based on a great many conversations with Eric, I know the difference he made for this institution, its people and our clients over the years.”

Varvel will be replaced by James Walker as CEO ad interim of Credit Suisse Holdings (USA), according to the memo,

Varvel’s exit comes shortly after a major shakeup in the Swiss bank’s top management under new chair Antonio Horta-Osario.

It recently appointed former AMP CEO Francesco De Ferrari as the new CEO of its wealth management division.

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

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

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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