Global investment giant Credit Suisse has announced the hiring of Dixit Joshi as the new Chief Financial Officer of the company. He will be joining effectively from October 1st 2022 and reporting to Koerner.
The latest hiring move comes at a time when Ulrich Koerner attempts to put the bank on track after years of scandals and losses, which have tarnished the banking institution’s image.
Koerner is expected to scale back investment banking and cut costs. The investment bank recorded a pretax loss of 1.12 billion Swiss francs ($1.17 billion) in the second quarter and was expected to lose money again this quarter, multiple sources have reported.
Joshi’s return marks the boomerang moment as he previously worked at Credit Suisse from 1995 to 2003 as the Managing Director. Joshi is a twenty-year industry veteran who has worked with Barclays and Deutsche Bank in various leadership roles. He would be replacing David Mathers, who had stepped down earlier.
As part of the leadership overhaul, Francesca McDonagh has been promoted to Chief Operating Officer of the company. Also announced as the CEO of the EMEA region, she will support Koerner in streamlining the strategic development of the group including managing operations and cost transformations along with juggling her two c-suite roles.
The Swiss bank has also made a slew of appointments with Michael J. Rongetti as Interim Head of the Asset Management Division and Michael Bonacker as Head of Transformation.