The Swiss bank's domestic unit nabbed a top executive from its wealth management arm to oversee its compliance.
Zurich-based Credit Suisse is appointing Floriana Scarlato as head of compliance for Switzerland, effective March 1, it said in a statement on Thursday. Scarlato takes over from Erwin Grob, who moves to core compliance, the bank said, without detailing reasons for the change.
In December, Credit Suisse was indicted by Swiss prosecutors over its role in laundering Bulgarian drug money – an investigation which also focuses on an employee of the bank. A separate civil proceeding brought by disgruntled clients of the wealth arm also portrays Credit Suisse's private bankers as willfully ignorant of a criminal scheme, as finews.com reported.
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Scarlato is an Italian economist who has spent a total of 15 years at Credit Suisse, in two stints. Currently in the chief compliance role at its international private bank run by Philipp Wehle, she will join the Swiss unit's 15-person top management led by André Helfenstein as a result of the move.
Credit Suisse said Tamlyn Ludford will replace her at the wealth management unit. Ludford, a British lawyer, is currently head of financial crime compliance, a job he held for less than six months after Sterling Daines left for Libra (the Facebook-backed payments program has since rebranded itself as Diem).
