The revolving door at Credit Suisse continues to spin as the head of its Swiss corporate banking business is leaving. His replacement is already set.
Andreas Gerber, a 34-year Credit Suisse veteran who took over as head of the Swiss corporate banking business at the end of 2020, is headed for the exit, according to a statement Monday.
Taking over for Gerber with immediate effect is Daniel Hunziker, head of institutional clients and member of the executive board of Credit Suisse Switzerland. He will perform the new function in addition to his current role.
Prominent Departures
With Gerber's departure, the Swiss business of Credit Suisse under CEO André Helfenstein loses another key figure. In March, longtime private banking head Serge Fehr left Credit Suisse, joining Geneva-based private bank Lombard Odier as a partner starting next month.
It remains unclear what UBS plans to do with the Swiss business. UBS management under CEO Sergio Ermotti doesn't intend to reveal its hand until the end of August.
The departure of a veteran like Gerber, who also heads the important SME network Swiss Venture Club, could cause further uncertainty in the ranks.
Crown Jewel in Danger
Such departures are likely to concern for UBS since Credit Suisse Switzerland's corporate banking business is considered one of the crown jewels of the takeover and is the starting point for further offerings in asset management and investment banking.
Several prominent veterans aren't sticking around to see what happens.
