Credit Suisse wealth boss Philipp Wehle is replacing the Swiss banker responsible for affluent clients and expanding his remit, finews.com has learned. It is his first major change since taking over the unit after Iqbal Khan’s sudden exit.
The Zurich-based bank is appointing Raffael Gasser as head of a new unit for affluent clients, a source familiar with the matter told finews.com. Gasser will expand a three-year-old unit for clients booked in Switzerland to other parts of the world, the bank confirmed.
Gasser, currently head of Luxembourg and northern Europe at Credit Suisse’s private bank, replaces Gianpiero Galasso, who will remain with the Swiss bank, the person said. Galasso, who joined Credit Suisse in 1995, was one of Iqbal Khan’s key lieutenants during a three-year revamp of the wealth arm.
Regional Set-Up
Gasser will join the management committee helmed by Khan's successor, Philipp Wehle, from November 1. The affluent unit – dubbed private banking international – offers digitally-powered products that tailor Credit Suisse's so-called house view to clients' specific needs.
The wealth unit's other top executives are northern European boss Emma Crystal;Inigo Martos for southern Europe; Robert Cielen for emerging Europe; Middle East boss Bruno Daher; Africa head Raj Sehgal; Brazil boss Marco Abrahao; and Jorge Fernandez Amann, who runs the rest of Credit Suisse's business in Latin America.
Scandal's Shadow
Wehle's challenge is to maintain momentum at the unit, which is at the heart of CEO Tidjane Thiam's turnaround strategy for Credit Suisse. The business is currently overshadowed by Credit Suisse's admission that it spied on Khan after it became public that the star banker was headed for archrival UBS.
Khan, widely viewed as a promising candidate to succeed UBS CEO Sergio Ermotti, took over at UBS' wealth arm two weeks ago, together with co-head Tom Naratil. Credit Suisse's third-quarter report on October 30 will be the first indication for investors of how well the unit is faring without Khan.
