The Corporate Clients division of Credit Suisse (Switzerland) Ltd. has a new leader. Daniel Hunziker will now also assume leadership of the Corporate Clients business, starting immediately, in addition to his present role as Head of Institutional Clients and a member of the Executive Board.
Andreas Gerber, the present Head of Corporate Banking and a member of the Executive Board at Credit Suisse (Switzerland) Ltd., would be leaving the organisation at the time of Daniel Hunziker’s appointment. For the time being, he will be taking a hiatus.
The insurance business Swiss Re previously declared on July 12 that it intended to name Jacques de Vaucleroy the permanent chairman of the board. Since Sergio Ermotti, the former chairman, resigned to join UBS in a leadership position, de Vaucleroy, who is currently the deputy chairman, has been functioning as the chairman.
De Vaucleroy’s appointment followed the Swiss government’s intervention to save Credit Suisse through a merger with UBS, which resulted in changes to managerial roles.
After a thorough search that also took into account outside applicants, Jacques de Vaucleroy, a Belgian executive with prior experience at AXA and ING, was deemed the perfect candidate for the chairman role. De Vaucleroy will put himself forward for election as chairman at the corporation’s annual general meeting in April following the board’s nomination.
In contrast, after the government-brokered takeover, UBS showed little interest in Credit Suisse’s investment bank. UBS is steadfast in sticking with its plan to create a smaller, capital-lite securities subsidiary.
In its global markets unit, UBS hired a number of people, some of whom were formerly employed by Credit Suisse. This was a part of the third wave of management adjustments made after Credit Suisse was taken over. In May, UBS had already chosen key members of its executive group.
