Credit Suisse will have to replace its country chief in Luxembourg. The CEO has left the firm two years into his contract.
Stéphane Herrmann left Credit Suisse after two years as head of the Luxembourg office. The bank confirmed a media report about the departure.
Herrmann had taken over as chief executive of the Credit Suisse business in the Grand Duchy two years ago. The country is an important hub for the bank and acts as a booking center. Herrmann was an immediate subordinate to then head of Europe Claudio de Sanctis.
Raffael Gasser Head Ad Interim
In the summer, De Sanctis left Credit Suisse to join Deutsche Bank after his reach had been cut following the reorganization of the International Wealth Management division.
Credit Suisse didn’t say why Herrmann decided to leave apart from citing personal reasons. Raffael Gasser, the COO of the IWM Europe business, will take charge of Luxembourg on an ad interim basis. The bank is currently evaluating candidates for the permanent replacement.
