Credit Suisse executive Fruithof departs as bank seeks to sharpen strategy: memo

[March 05, 2015]  ZURICH (Reuters) - Credit Suisse's head of Swiss corporate and institutional clients, Barend Fruithof, is departing, according to a memo seen by Reuters, part of a raft of changes designed to draw the unit closer into its private bank's strategy.

Fruithof is leaving Zurich-based Credit Suisse to pursue a new opportunity outside the bank, the memo, dated March 5 and sent by private bank head Hans-Ulrich Meister, read.

Andre Helfenstein, who most recently was head of the Zurich region within Credit Suisse's private bank, will replace Fruithof. The changes are effective immediately.

"We want to take C&IC (the bank's corporate and institutional business) to the next level," the memo read. "This includes increasing capital efficiency and fully leveraging collaboration with our other businesses, in particular wealth management."

A spokesman for Credit Suisse confirmed the accuracy of the memo.

(Reporting By Katharina Bart and Joshua Franklin)

[© 2015 Thomson Reuters. All rights reserved.]

Copyright 2015 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.