UBS CEO Sergio Ermotti has whittled down the list of Credit Suisse executives he wants to include in his management team.
To help ensure the successful integration of Credit Suisse into UBS, recently appointed UBS CEO Sergio Ermotti has shortlisted Credit Suisse executives he feels can make that happen, according to a story in the «Financial Times» (behind paywall) over the weekend citing people familiar with the matter.
According to the report, those on the list are the chief financial officer Dixit Joshi, chief operating officer Francesa McDonaugh, and André Helfenstein who heads the Swiss unit of Credit Suisse.
Recent Additions
Both McDonaugh and Joshi joined Credit Suisse last year, which leaves them unmarred by the slate of issues that ultimately led to the bank's undoing.
McDonaugh came to Credit Suisse from the Bank of Ireland, becoming head of the EMEA region, but was given more responsibility before she even started, taking over the COO mantle to oversee the restructuring of Credit Suisse.
Social Media Whirlwind
Joshi who joined in October of last year, to replace David Mathers, immediately found himself surrounded by a social media whirlwind about the viability of the bank which caused clients to pull billions from the bank.
In addition, Joshi was also a major player in Credit Suisse's efforts to raise $4.3 billion of new capital and found his tenure also marked by legacy reporting issues which led to the delay in Credit Suisse publishing its annual report.
Much Speculation
Helfenstein has been at the head of Credit Suisse's Swiss business for three years, regarded as the crown jewel in the business. There is much speculation about what will happen to the Swiss unit, and several options are being weighed.
UBS reached an agreement in March to take over its rival for three billion Swiss francs, shouldering up to five billion in losses as part of a deal brokered by Swiss authorities.
