Bank of Ireland CEO moving to Credit Suisse role
Outgoing Bank of Ireland chief executive Francesca McDonagh is to take up a new job at Swiss bank Credit Suisse.
Ms McDonagh will take up the role of CEO of the Europe, Middle East and Africa region of Credit Suisse by October.
Bank of Ireland confirmed yesterday that Ms McDonagh would be stepping down from the CEO role in September after leading the bank for nearly five years.
She was the first female CEO of the 234-year-old lender and joined from HSBC Group, where she held a number of senior roles.
At Credit Swiss, Ms McDonagh will take over as CEO of the EMEA region from Francesco De Ferrari, CEO of the Wealth Management division, who has held this position on an ad interim basis since January.
The Swiss bank today announced a management shakeup with its group finance chief David Mathers set to leave the embattled bank.
Mathers, who has served as chief financial officer since 2010, will stay on until a successor has been found.
Asia-Pacific head Helman Sitohang will step down on June 1 and be replaced by Credit Suisse veteran Edwin Low, it added.
Meanwhile, Credit Suisse today posted a 273 million Swiss franc ($283.6m) first-quarter loss, prolonging the embattled lender’s financial troubles after a slew of scandals.
The first-quarter loss, on the back of fresh legal charges and a near halving of net revenues, heaps further pressure on Switzerland’s second-biggest bank.
The bank is still reeling from billions in losses racked up in 2021 and as shareholder pushback grows over what has been described as a freewheeling culture.