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Shaken by a string of scandals and losses, Switzerland's
second-largest bank is currently preparing a strategy review
including a radical overhaul of its investment bank.
The bank said that Welter, its global co-head of banking and
EMEA co-head of investment banking and capital markets (IBCM),
had decided to leave the bank.
It said in a separate memo that its global head of global credit
products (GCP) Daniel McCarthy had also decided to leave after
15 years at the bank to pursue other opportunities.
A spokesperson for the bank confirmed the content of the memos.
Rival Citigroup said in a Tuesday statement that Welter was
joining it in December as co-head of EMEA Banking, Capital
Markets and Advisory, after 27 years at Credit Suisse.
Credit Suisse, which is due to reveal details of its strategy
review on Oct. 27, said in the memo that it appointed David Wah
as sole global head of banking, effective immediately. He was
previously co-head of the division together with Welter.
It also appointed Joel S. Kent to succeed McCarthy as global
head of GCP, effective immediately, and named Cathal Deasy and
Giuseppe Monarchi as co-heads of IBCM in Europe, Middle East,
and Africa.
Reuters reported last week that Credit Suisse is sounding out
investors for fresh cash as it attempts an overhaul of its
investment bank.
(Reporting by Silke Koltrowitz and Oliver Hirt; Editing by
Alexander Smith and Aurora Ellis)
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