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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
  Report
Real-time Estimate Cboe Europe  -  10:18 2022-12-02 am EST
2.931 CHF   +8.60%
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Credit Suisse loses top executives Welter and McCarthy

09/27/2022 | 02:40pm EST

ZURICH, Sept 27 (Reuters) - Credit Suisse announced the departure of two senior executives, global co-head of banking Jens Welter and global head of global credit products Daniel McCarthy, in memos seen by Reuters, in a blow to the Swiss bank as it gets ready for a major restructuring.

Shaken by a string of scandals and losses, Switzerland's second-largest bank is currently preparing a strategy review including a radical overhaul of its investment bank.

The bank said that Welter, its global co-head of banking and EMEA co-head of investment banking and capital markets (IBCM), had decided to leave the bank.

It said in a separate memo that its global head of global credit products (GCP) Daniel McCarthy had also decided to leave after 15 years at the bank to pursue other opportunities.

A spokesperson for the bank confirmed the content of the memos.

Rival Citigroup said in a Tuesday statement that Welter was joining it in December as co-head of EMEA Banking, Capital Markets and Advisory, after 27 years at Credit Suisse.

Credit Suisse, which is due to reveal details of its strategy review on Oct. 27, said in the memo that it appointed David Wah as sole global head of banking, effective immediately. He was previously co-head of the division together with Welter.

It also appointed Joel S. Kent to succeed McCarthy as global head of GCP, effective immediately, and named Cathal Deasy and Giuseppe Monarchi as co-heads of IBCM in Europe, Middle East, and Africa.

Reuters reported last week that Credit Suisse is sounding out investors for fresh cash as it attempts an overhaul of its investment bank. (Reporting by Silke Koltrowitz and Oliver Hirt; Editing by Alexander Smith and Aurora Ellis)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -1.28% 47.14 Delayed Quote.-20.88%
CREDIT SUISSE GROUP AG 8.37% 2.926 Delayed Quote.-67.86%
DOW JONES AFRICA TITANS 50 INDEX -0.29% 471.28 Real-time Quote.-11.80%
S&P AFRICA 40 INDEX -0.30% 155.23 Real-time Quote.-10.21%
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Analyst Recommendations on CREDIT SUISSE GROUP AG
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Financials
Sales 2022 15 608 M 16 429 M 16 429 M
Net income 2022 -3 990 M -4 200 M -4 200 M
Net Debt 2022 - - -
P/E ratio 2022 -1,61x
Yield 2022 1,32%
Capitalization 8 688 M 9 145 M 9 145 M
Capi. / Sales 2022 0,56x
Capi. / Sales 2023 0,50x
Nbr of Employees 51 680
Free-Float 99,0%
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Mean consensus HOLD
Number of Analysts 15
Last Close Price 2,82 CHF
Average target price 5,09 CHF
Spread / Average Target 80,4%
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Managers and Directors
Ulrich K÷rner Group Chief Executive Officer
Dixit Joshi Chief Financial Officer
Axel P. Lehmann Chairman
Joanne Hannaford Chief Technology Officer
Francesca Jane McDonagh Chief Operating Officer
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