The Swiss bank's trading veteran Yves-Alain Sommerhalder is turning up trumps in its newly-unified private banking arm, finews.com has learned.
Zurich-based Credit Suisse is naming Yves-Alain Sommerhalder the head of products and financing in its private bank, effective January 1, two people familiar with the matter told finews.com. The wealth arm was merged into one global unit seven weeks ago, and Francesco De Ferrari was last week named to run it.
Sommerhalder, who currently oversees a powerful global trading solutions unit dubbed GTS, was in the running for the top wealth job, finews.com reported in October. His new role makes him the linchpin of products for wealthy clients in the newly-combined 853 billion Swiss francs ($923 billion) private bank.
Chairman Of Trading Unit
A 19-year veteran of Credit Suisse, Sommerhalder will remain chairman of the GTS unit. He took sole responsibility for GTS eight months ago, after a swath of executives including Paul Galietteo left in the wake of twin billion-dollar scandals Archegos and Greensill.
It isn't clear who will succeed Sommerhalder running GTS, set up by previous CEO Tidjane Thiam as a new trading collaboration. The Swiss bank has expanded Sommerhalder's remit twice since then – most recently last autumn.
