- Asset management head Varvel gets new responsibilities
- Global markets unit has suffered losses in recent quarters
Credit Suisse Group AG promoted Brian Chin from co-head of credit to chief executive officer of global markets, replacing Timothy O’Hara.
Chin will join the bank’s executive board, according to a statement from the Zurich-based firm. The bank also said that Eric Varvel, global head of asset management, is assuming the additional post of president and CEO of Credit Suisse Holdings (USA).
“I am grateful to Tim O’Hara for his leadership, management and commitment to Credit Suisse over many years," Tidjane Thiam, CEO of Credit Suisse, said in the statement.
Thiam has announced two restructuring plans since taking over as CEO in July 2015. In the process, he’s eliminated thousands of jobs and risky investments to shift away from securities trading. While the bank returned to a profit in the second quarter after posting losses in the prior six months, the shares have declined 38 percent this year.