The Swiss bank is replacing its top wealth manager in Italy as well as CEO of its Italian operations with a private banker from UBS.
Zurich-based Credit Suisse is nominating Gabriele d'Agosta as head of private banking in Italy as well as CEO of its subsidiary in the country, effective on Tuesday, it said in an emailed statement on Thursday. D'Agosta (pictured below) replaces Giorgio Vio, who will work with his successor to ensure a seamless handover. The circumstances of Vio's departure in the role aren't clear.
D'Agosta, an Italian banker, is currently desk head for UBS' domestic ultra-high net worth clients in Italy. He is a veteran of Morgan Stanley, where he spent 12 years before heading for Rothschild & Co's private bank in 2013 and then, five years ago, to UBS.
Copious Regional Hiring
He will report to Robert Cielen, Credit Suisse's top European private banker. Cielen said the Swiss bank will continue to invest and hire in Italy, a key market for wealth management.
Credit Suisse said it has also recently hired senior bankers in Milan – Edoardo Ravano, Andrea Di Carlo, and Edoardo Longhini – as well as in Padua: Matteo Carraro and Roberto Bettati. It isn't clear how much in assets the Swiss bank manages on behalf of wealthy Italians.
Dealmaker's Move
Separately, Credit Suisse is moving Vincenzo De Falco (pictured below) from Zurich to Milan, a move it said underscores the importance of the Italian market. De Falco, who began working for Credit Suisse five months ago as head of investment banking advisory coverage at the wealth arm, will continue to look after clients across Europe.
The unit's set-up changed this month after Credit Suisse dispatched Christian Meissner to run its investment bank in the wake of $4.7 billion in losses on Archegos. Credit Suisse had hired Meissner just last autumn to run the unit, together with Babak Dastmaltschi. It aims to cement ties between entrepreneurs in the capital markets arm and the private bank.
