Credit score Suisse’s Execs in Israel Transfer to Swiss Personal Financial institution EFG: Report

Seven Executives are Transferring to EFG International from Credit Suisse

According to Reuters on Tuesday, which cited unnamed sources, seven executives who were employed by Credit Suisse in Israel, together with CEO Joseph Wolf, are now moving to the Swiss personal banking company EFG Worldwide. Wolf, who began working with Credit Suisse (CS) Israel in April of last year, will oversee the team that builds a new wealth management advisory business for EFG in the country of Western Asia. Among the many professionals moving to EFG is Joseph Dadoun, Head of Personal Banking at Credit Suisse in Israel. In November 2018, Dadoun began working as a Senior Relationship Supervisor for the former Swiss lender. The manager left their positions in early June, and it is expected that they will resume their roles in early September.

The strikes coincide with the recent completion by rival lender UBS of its acquisition of Credit Suisse, a distressed financial institution that now employs 120,000 people and has a $1.6 trillion balance sheet. The CEO of UBS Group AG, Sergio Ermotti, gave the order to potentially drastically reduce employment in Credit Suisse’s financing banking section after the transaction was completed. However, one of several sources told Reuters that there have been no layoffs at Credit Suisse in Israel. However, the supply revealed that there are overlaps in certain places, including Israel, where the financial firm is currently located, as a result of the merger of UBS and Credit Suisse.

Management Modifications

Meanwhile, several of the previous banking giant’s top players, including David Miller, the international head of funding banking and capital markets, and Dixit Joshi, the chief monetary officer, left as a result of Credit Suisse’s acquisition. Those executives who had been kept on board include:

Former Head of Wealth Administration Francesco de Ferrari
Former Chief Know-How Officer Joanne Hannaford

While Hannaford was selected as Head of Know-how for UBS’s Wealth Administration division in the US, de Ferrari was appointed as an advisor to Iqbal Khan, UBS’s Head of Personal Banking. Executives from Credit Suisse comprise only 5% of the newly formed management of the combined financial entity, according to Bloomberg.

Related Articles

Back to top button