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Credit Suisse welcomes De Ferrari back to run wealth management

Credit Suisse welcomes De Ferrari back to run wealth management

December 14, 2021: -On Monday, Credit Suisse is announcing a raft of appointments to its executive board as the Swiss bank seeks to move on from a torrid year during which a stream of controversies and losses battered it.

Switzerland’s second-biggest bank says that Francesco De Ferrari would come back to the company as CEO of its wealth-management division and interim CEO of Europe, the Middle East, and Africa.

After leading Australian wealth management company AMP, De Ferrari, who worked at Credit Suisse between 2002 and 2018.

His appointment comes after Credit Suisse is announcing a new strategy to curb its investment bankers and plow money to look after the fortunes of the world’s wealthy.

The lender’s share price has dropped by almost a quarter this year after the bank suffered heavy losses from the collapse of U.S. family office Arches. It also sees client losses from the failure of supply chain finance company Greensill.

At AMP, Ferrari steered the company in a new direction after a royal banking commission revealed widespread misconduct, which included charging customers for services it did not provide and misleading regulators.

Credit Suisse Chairman Antonio Horta-Osorio said De Ferrari had “a profound knowledge of Credit Suisse and the industry, reinforce our Executive Board at this critical junction in our journey.”

Christian Meissner, CEO of Credit Suisse’s Investment Bank division, is pointing CEO of the Americas, Helman Sitohang, and Andre Helfenstein as CEOs of Asia-Pacific and Switzerland. Mark Hannam has been named as Head of Internal Audit.

Horta-Osorio, making compliance and risk management a top priority, said the appointments completed the bank’s recent divisional and regional structure and would help deliver the strategy of the bank.

Credit Suisse welcomes De Ferrari back to run wealth management