Francesco De Ferrari hasn't even been in his new Australian job one week – but the former Credit Suisse banker has already snagged a former high-ranking banker from the Swiss bank.
AMP is hiring former Credit Suisse banker Alex Wade, the Sydney-based wealth manager said in a statement on Wednesday. Until October, Wade was head of developed and emerging Asia at Credit Suisse's private bank.
The hire is the first by Francesco de Ferrari, the former head of Credit Suisse's private bank in Asia. The 49-year-old is one of the biggest fish in the Asian wealth management pond. Three months ago, the 49-year-old shocked the private banking industry by defecting to AMP, a troubled Australian wealth manager.
Wade (pictured below) will join de Ferrari as head of advice, from January 7, AMP said. He succeeds Jack Regan, who retires from AMP after nearly 20 years.
Shut Out in Revamp
AMP is mired in a major scandal over misleading customers and lying to its regulator. The revelations have already wiped out the former CEO and part of the wealth manager’s board and top management, and AMP is bleeding assets. AMP needs a «clean-skin», or someone untainted from outside to clean up.
Wade has been with Credit Suisse for 12 years, including three as chief of staff to de Ferrari. The private banker was shut out in a restructuring under de Ferrari's successors two months ago, as finews.com reported. Previously, Wade was with J.P. Morgan in Australia and Hong Kong.
