Skip to content
Search

Latest Stories

Embattled Credit Suisse hires Deutsche's Joshi in leadership overhaul

Dixit Joshi will take over as CFO on October 1.

Embattled Credit Suisse hires Deutsche's Joshi in leadership overhaul

Credit Suisse named a new chief financial officer and group chief operating officer on Monday as Switzerland's second-biggest bank tries to steady the ship following a series of scandals.

Dixit Joshi will take over as CFO on October 1, while former Bank of Ireland chief executive Francesca McDonagh will start as the new new chief operating officer on September 19. They will both join the executive board.


Ulrich Koerner took over as Credit Suisse's chief executive at the start of August with the mammoth task of revitalising the institution following a catalogue of woes.

The new appointments bring "extensive professional experience and a profound knowledge of the financial services industry, as we accelerate our efforts to make Credit Suisse a stronger, simpler and more efficient group with more sustainable returns", he said.

Credit Suisse has been hit by a string of setbacks in the last 18 months.

In March 2021, the bank was rocked by the collapse of the British financial firm Greensill, in which some $10 billion had been committed through four funds, and then by the implosion of the US fund Archegos, which cost it more than $5 billion.

In October, it was also fined $475 million by the US and British authorities for its loans to state-owned companies in Mozambique.

Joshi will replace David Mathers, who stepped down after more than 11 years.

For the past five years, Joshi has been the group treasurer at Deutsche Bank, where he played a major part in its restructuring while overhauling the balance sheet.

He previously worked for Barclays Capital and, before that, for Credit Suisse in New York and London between 1995 and 2003.

McDonagh will support Koerner in the steering and strategic development of the group, including operational and cost transformation.

McDonagh most recently served as the Bank of Ireland's chief executive after holding several senior management roles at HSBC Group.

More For You

Another round of Indian deportees from US to arrive in Amritsar

Indian immigrants who allegedly illegally migrated to US arrive at Sardar Vallabhbhai Patel International Airport, in Ahmedabad. (ANI Photo)

Another round of Indian deportees from US to arrive in Amritsar

A US military transport aircraft, the C-17 Globemaster III, is set to land at Amritsar International Airport on Saturday (15) night, carrying around 119 Indian nationals.

This movement follows the earlier deportation of 104 individuals, marking another phase in the US government's intensified crackdown on undocumented immigrants.

Keep ReadingShow less
Trump plans to meet Starmer 'very soon'

Keir Starmer, Donald Trump. (Photo: Getty Images)

Trump plans to meet Starmer 'very soon'

US president Donald Trump said he had agreed to meet prime minister Keir Starmer and that the British leader wanted to travel to the US in the coming weeks.

Starmer's office had said earlier on Friday (14) that he discussed visiting the US on a call with Trump the day before, part of London's efforts to press its case with a US president whose overhaul of trade and foreign policy has shaken much of the world.

Keep ReadingShow less
Man found guilty of rape and murder of Irish backpacker in India

McLaughlin, 28, from County Donegal, was found dead in a field in Goa in March 2017. (Photo credit: Twitter)

Man found guilty of rape and murder of Irish backpacker in India

A COURT in India has found Vikat Bhagat guilty of the rape and murder of Irish backpacker Danielle McLaughlin.

McLaughlin, 28, from County Donegal, was found dead in a field in Goa in March 2017.

Keep ReadingShow less
Alderman Alastair King

King, who serves as the global ambassador for the City of London, will be in Mumbai to discuss trade and investment under his mayoral theme, 'Growth Unleashed.'

Lord Mayor of London to visit India for trade talks

THE LORD MAYOR of London, Alderman Alastair King, is set to visit India for a week starting Saturday, aiming to promote free trade and capital flows between the two countries.

King, who serves as the global ambassador for the City of London, will be in Mumbai to discuss trade and investment under his mayoral theme, “Growth Unleashed.”

Keep ReadingShow less
trump-modi-washington-getty

The meeting came hours after Trump criticised India’s business environment and announced plans for reciprocal tariffs on countries that impose duties on US imports. (Photo: Getty Images)

Modi and Trump agree to resolve trade disputes, discuss tariff concerns

INDIA and the US have agreed to begin negotiations aimed at resolving trade and tariff disputes, following talks between Indian prime minister Narendra Modi and US president Donald Trump in Washington.

India has committed to increasing purchases of US oil, gas, and defence equipment, while both sides pledged to address trade barriers.

Keep ReadingShow less