Rob Shafir will remain at Credit Suisse Group AG as chairman of the Americas even as he steps down from the bank’s executive board.

Shafir, 57, will continue to report to Chief Executive Officer Tidjane Thiam, a spokeswoman for the Zurich-based lender, Vanessa Neill, said Tuesday in an e-mail. Credit Suisse said last month that Shafir, who’s based in New York and co-head of private banking and wealth management, was leaving the board as part of a management overhaul.

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