Credit Suisse appoints new CFO in executive shuffle

Dive Brief:

Dixit Joshi, a previous Credit Suisse alum, is rejoining the company at the finance helm after an almost two- decade long hiatus, the company announced. Joshi will take over as CFO effective Oct. 1.
The new finance chief is taking over for David Mathers who is exiting the company after serving 11 years in the CFO role, according to a statement released in April.
The CFO shuffle is part of a big shakeup at the top of the second-largest Swiss Bank — in July, the company announced the immediate resignation of Thomas Gottstein as CEO and appointed Ulrich Koerner — and comes as the bank has suffered a string of setbacks including being sued by American Challenger last month for failing to conclude the sale of a $650 million commercial loan portfolio.

Dive Insight:

Joshi, most recently managing director and group treasurer at Deutsche Bank, started his career at Credit Suisse back in 1995 as a managing director. He moved on to roles at Barclays Capital, Pratham UK, City Hindus Network, the International Swaps and Derivatives Association, according to his LinkedIn profile.

In a LinkedIn post Monday Joshi wrote he was, “delighted to rejoin Credit Suisse where I spent some of my early formative years. I am humbled to take on the role of Chief Financial Officer, joining the Executive Board.”

The announcement comes among a slew of changes in the C-Suite. Koerner was appointed CEO of the Swiss bank last month and Francesca McDonagh was named Group Chief Operating Officer, moving from her role as Group CEO of the Bank of Ireland to take on COO of Credit Suisse. Meanwhile Michael J. Rongetti was also appointed as an interim chief executive officer of the asset management division.

Last month the company reported net revenues declined 29% from the same 3 month period a year ago. “The second quarter was marked by challenging economic and market conditions” the company said in a statement.

Credit Suisse late last month also announced a strategic review that would de-emphasize its investment bank and ramp up cost-cutting measures. The bank reported a $1.7 billion net loss in revenue during 2022’s second quarter — a 29% drop from the same three-month span a year ago, according to sister publication Banking Dive. About $1.25 billion of that loss came from the investment bank, and Credit Suisse warned it expected a further loss in the third quarter from that segment of its business.