Credit Suisse hired Rick Wolfgram from Truist Financial for the role of a managing director within its technology investment-banking group, reported Bloomberg News.

Wolfgram will be based in San Francisco and will report to Credit Suisse head of technology investment banking Brian Gudofsky, according to an internal memo sent to staff by the Swiss lender.

A spokesman for the bank confirmed the contents of the memo to the news agency.

Wolfgram was most recently a managing director at Truist with responsibility for the firm’s internet and digital media investment banking.

He has worked on transactions including initial public offerings for NerdWallet, Udemy, Coursera, DoubleVerify Holdings, and Snap, as well as a high-yield offering for, according to the memo.

Prior to joining Truist in 2012, Wolfgram worked at ThinkEquity. 

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Earlier this month, Credit Suisse global head of investment banking and capital markets divulged that the firm is set to bring on board some 40 managing directors as part of its wider revamp measures.

Other developments at Credit Suisse

This week, Credit Suisse outlined a plan to strengthen its focus on its wealth management unit and cut costs through simplifying technology as part of its turnaround strategy to move past scandals and losses in the last two years.

The same week, the Zurich-headquartered bank was penalised by a Swiss court over its failure to prevent a Bulgarian cocaine trafficking gang from laundering money.

The Swiss bank recently reached an agreement with the mining company Bluestone Resource for a plan for cash payments to noteholders.