Breakingviews - Credit Suisse belatedly unwinds Asian fiefdom
Francesco de Ferrari as its new global head of wealth management. His purview will include Asian private banking, which previously sat under regional boss Helman Sitohang, along with the local investment bank.
It’s a sensible move. The old structure, designed by former Chief Executive Tidjane Thiam, arguably made it harder for risk managers in Switzerland to keep track of goings-on in the far-flung region. Tightening up compliance is a key general priority given the collapse of clients like Greensill Capital and Archegos Capital Management. One question is whether De Ferrari is the right person to lead Credit Suisse’s most important business.
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