Credit Suisse appoints Bank of Ireland’s Francesca McDonagh as COO

Credit Suisse Group AG has hired Deutsche Bank AG Treasurer Dixit Joshi as Chief Financial Officer and appointed Francesca McDonagh as Operating Chief, in the first major leadership reshuffle under new Chief Executive Officer Ulrich Koerner.

oshi takes over on October 1, replacing David Mathers, who previously announced his retirement. McDonagh, the outgoing CEO of Bank of Ireland Group Plc, was originally hired this year to oversee the Europe, Middle East and Africa region when she joins her in September. That role will now fall to wealth management chief Francesco de Ferrari, who has since run the region.

As the bank’s fourth CEO since 2015, Koerner is trying to recover from past years of scandals and missteps that have shaken the bank to the core and prompted it to replace the entire board. The Swiss lender has promised fundamental changes to the investment bank, and executives are discussing cutting thousands of jobs as part of a $1 billion cost-cutting plan, Bloomberg reported.

With the appointment of Joshi, Koerner draws on an experienced executive who helped stabilize Deutsche Bank as it struggled a few years ago with credit downgrades and investor distrust, problems the Swiss bank was dealing with now faces. Joshi previously worked at Credit Suisse in New York and London between 1995 and 2003.

“Dixit has an impressive turnaround track record with a breadth of experience across a range of investment banking businesses which will be invaluable on our journey to transform investment banking into a highly competitive banking and more sustainable markets business that complements wealth management become the Swiss bank,” Koerner said in a statement on Monday.

Credit Suisse also appointed Michael Bonacker as head of transformation, a key role as the lender seeks to cut costs and decide on strategy. Bonacker joined Credit Suisse in February after serving as a consultant for Oliver Wyman and as head of corporate development at UBS Group AG. He will report to McDonagh.

Koerner returned to Zurich-based Credit Suisse last year after losing in a management reshuffle at competitor UBS in 2019. He led the wealth management unit until he became CEO. Michael J. Rongetti will now manage this business on an interim basis, Credit Suisse announced on Monday. Credit Suisse appoints Bank of Ireland’s Francesca McDonagh as COO

Fry Electronics Team

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