Credit Suisse Group AG on Monday unveiled a raft of changes to the upper ranks of its investment bank, bringing in new co-heads for Europe, the Middle East and Africa as the Swiss banking giant revamps the division amid a broader strategic overhaul.
Mathew Cestar and Jens Welter, both Credit Suisse veterans, have been appointed co-heads of investment banking and capital markets for the region. They succeed Marisa Drew and Mark Echlin, who have moved on to other positions within the bank.
Mr. Echlin has been appointed chairman of U.K. investment banking and capital markets. Ms. Drew will now head the newly created impact advisory and finance department, which supports the bank's social investing and philanthropic endeavors.
The management shuffle comes as the Swiss banking giant undertakes a broad strategic shift to put greater emphasis on its more predictable wealth management operations while scaling back investment banking, which can be highly profitable but also volatile.
While investment banking has recently proven to be attractive for Credit Suisse, with revenues and profit up sharply in the first half of 2017, the bank lags behind its U.S. rivals.
Credit Suisse ranked ninth in the first half of this year measured by investment banking revenue for Europe, the Middle East and Africa, according to Dealogic.
The top four positions are dominated by U.S.-based banks. JPMorganChase & Co. holds the top position followed by Citigroup Inc., Goldman Sachs Group Inc. and Bank of AmericaMerrill Lynch. Deutsche Bank is fifth.
--Ben Dummett in London contributed to this article.
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(END) Dow Jones Newswires
September 18, 2017 10:15 ET (14:15 GMT)