Credit Suisse is bestowing three top execs with more power after a management shakeup. A top regulatory banker will move to CEO Tidjane Thiam's team and a long-time associate widens his remit.
The Swiss bank is promoting Tim Blake to be deputy risk chief under Lara Warner, who was moved to that role on Tuesday. Blake is a 20-year veteran of Credit Suisse's investment bank who most recently led the winding-down of its «bad bank», or undesirable assets and positions from exited businesses.
«The experience of the impact of past risk management decisions leaves Tim in a unique position to advise the bank going forward», Thiam said in a statement. Credit Suisse hit its targets for its so-called strategic resolution unit – and then some, as finews.asia reported.
Credit Suisse predicts a loss of roughly $500 million this year for the unit, which consists of businesses the bank has opted out of. The deputy risk role Blake is now taking is a newly-created one for Credit Suisse.
Ex-Treasury Official Tipped
The bank also said it will promote global regulatory head Saumya Bhavsar to report directly to Thiam as part of the CEO office (it has previously been part of compliance). Bhavsar is a former U.S. Treasury official who Credit Suisse poached from UBS two years ago.
«The appointment of Saumya in this position underscores the importance we place on the role of regulatory affairs, as an independent function, in maintaining close interaction with our key regulators around the world», Thiam said.
CEO Whisperer Advances
Adam Gishen, the Swiss bank's head of investor relations and communications, will take on Credit Suisse's marketing and branding. The promotion of Blake and Gishen, as well as the new reporting line for Bhavsar, are effective immediately, alongside the top management changes.
«Building on the success we have had in bringing together our investor relations and corporate communications functions, Adam Gishen is taking on additional responsibilities to now also include our marketing and branding activities under his leadership as well as our internal communications», CEO Tidjane Thiam said. Gishen will keep reporting directly to the CEO.
Cementing Power
The bank didn't mention Steve Althaus (pictured below), a former BMW executive who has held the marketing and branding role for the last three years. Althaus will report to Gishen, the bank said when asked for comment.
The move represents a consolidation of power for Gishen, who followed Thiam from Prudential (where Gishen was an outside consultant) to Credit Suisse in 2015. He is a former investment banker with Lehman Brother and Nomura as well as a consultant with capital markets boutique Ondra.
