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Bank of Ireland CEO takes up position at Credit Suisse

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Outgoing Bank of Ireland CEO Francesca McDonagh will take up a role at Swiss bank Credit Suisse from October.

euters reports that Ms McDonagh will take on the position of chief executive of the Europe, Middle East and Africa (EMEA) region as the ailing Swiss lender embarks on a major management overhaul.

The news came a day after Bank of Ireland announced Ms McDonagh was leaving the bank after five years as CEO.

Ms. McDonagh succeeds Francesco De Ferrari, Chief Executive of Credit Suisse’s Wealth Management Division, who has held the position on an ad interim basis since January.

The move was one of three major management changes at Credit Suisse the group announced on Wednesday after a worse-than-expected start to the year.

CFO David Mathers is leaving the bank after more than 10 years in office.

Asia Pacific chief Helman Sitohang will step down June 1 and be replaced by Credit Suisse veteran Edwin Low.

Credit Suisse on Wednesday announced a higher-than-expected first-quarter loss of 273 million Swiss francs (266 million euros) on legal costs and a charge related to its exposure to Russia.

Shares of the lender fell as much as 1.7 percent after opening in Zurich on Wednesday, with the stock losing half its value over the last year.

Ms McDonagh’s five-year tenure at Bank of Ireland has seen her secure deals to buy Davy Stockbrokers and most of KBC Ireland, reducing taxpayers’ ownership of the lender to under 5 per cent.

Meanwhile, the Bank of Ireland on Wednesday reported a “positive start” to the year with a €0.4 billion increase in net lending to retail and corporate customers in Ireland.

Although customer lending and deposits fell, costs fell and capital ratios rose, the bank said in its interim statement.

https://www.independent.ie/business/irish/bank-of-ireland-chief-executive-to-take-up-role-at-credit-suisse-41592112.html Bank of Ireland CEO takes up position at Credit Suisse

Fry Electronics Team

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