Credit Suisse is losing the long-standing head of its private bank. The Swiss bank named two European bankers to fill the vacancy.
The Zurich-based bank moved quickly to fill management vacuum after its Asian wealth head Francesco de Ferrari departed for the top spot at another wealth firm.
Credit Suisse appointed private bankers Benjamin Cavalli and Francois Monnet (pictured below) to replace him, the Swiss bank said in a statement on Wednesday. Cavalli will oversee south Asia from Singapore, while Monnet, in Hong Kong, will take on the role of head of private banking in north Asia.
The bank thanked and lauded de Ferrari, who is stepping down after seven years in the top Asian wealth job to run AMP, a scandal-tarnished Australian wealth manager, for his contributions.
European-Run
His two replacements are long-standing Credit Suisse bankers: Monnet has championed a fintech push in the region, while Cavalli is a nine-year veteran of the bank and former investment banker. Both will report to overall Asia head Helman Sitohang.
The move illustrates that local leadership remains scarce at Credit Suisse's wealth arm: both Monnet and Cavalli as well as de Ferrari are European.
«This new structure will enable closer proximity to clients, shorten decision making lines, increase regional focus and continue to foster business collaboration across the bank’s integrated private banking and investment banking platform», the bank said.
Scandal-Battered
The departure of de Ferrari (pictured below) is a huge setback for Credit Suisse: he had been at the center of a growth drive in the bank's most promising region, and had overseen pushes outside of Hong Kong and Singapore, the region's main wealth hubs.
The Swiss banker is credited with overhauling Credit Suisse's operating model, hiking assets under management and profitability, and bettering culture and controls during his tenure.
De Ferrari will have a lot on his hands when he begins at AMP in December: the wealth manager has been roiled by massive withdrawals after running afoul of the regulator. De Ferrari reportedly stands to earn as much as A$8.3 million in his first year at AMP.
