Credit Suisse names new CFO and group COO
Swiss banking giant Credit Suisse Group has appointed Dixit Joshi as its new chief financial officer (CFO) and Francesca McDonagh as group chief operating officer (COO).
The bank has also appointed Michael J Rongetti as ad interim CEO of its asset management division.
Both Joshi and McDonagh will join Credit Suisse’s executive board and all three will report directly to newly appointed group CEO Ulrich Körner.
Joshi is relocating to Zurich and will commence his new role from 1 October 2022, replacing David Mathers, who is stepping down after 11 years in the role.
In a career spanning three decades, Joshi has held several senior investment banking roles, most recently as group treasurer at Deutsche Bank. He has also held roles at Barclays Capital, Credit Suisse and Standard Bank of South Africa.
McDonagh was previously announced as CEO of the group’s EMEA region but will instead join the firm as group COO, starting on 19 September. Based out of Zurich, in her new role, McDonagh will support the group’s strategic development, including operational and cost transformation and enterprise architecture development.
She joins the Swiss banking group from Bank of Ireland, where she served as group CEO. She has also held roles at HSBC, British Bankers’ Association and Mastercard.
Credit Suisse has now instead appointed Francesco De Ferrari, CEO of its wealth management division, as CEO of the EMEA region after serving in the role on an ad interim basis since January 2022.
Rongetti will take over as ad interim CEO of the asset management division with immediate effect, replacing Ulrich Körner, who started his new role as group CEO earlier this month. In addition, he will continue to serve as head of asset management Americas and global head of investments and partnerships.
The group has also appointed Michael Bonacker as group head of transformation starting September, reporting to McDonagh. In a 30-year career, Bonacker has worked for Oliver Wyman, UBS Group, Deutsche Bank, McKinsey, Commerzbank and Lehman Brothers/Nomura.
Recently, Credit Suisse has announced a “comprehensive strategic review”, which aims “to shape a more focused, agile group with a significantly lower absolute cost base, capable of delivering sustainable returns for all stakeholders and first-class service to clients”. A company-wide digital transformation is part of this plan.