Credit Suisse (CSGN.S) announced the departure of two senior executives, global co-head of banking Jens Welter and global head of global credit products Daniel McCarthy, in memos seen by Reuters, in a blow to the Swiss bank as it gets ready for a major restructuring.
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.