Credit Suisse Americas Chairman Robert Shafir to Leave

Credit Suisse Group AG’s chairman of the Americas region, Robert Shafir, intends to leave the Swiss bank just months after a corporate overhaul led to his departure from the executive board.

Shafir, 57, who was based in New York and has worked for the bank for nine years, will depart at the end of June, a spokeswoman for the Zurich-based bank said. His future plans are not known yet, she added.

Credit Suisse accelerated the restructuring last month, saying markets had proved more challenging than anticipated. It added 2,000 job cuts to the 4,000 already planned this year and raised its cost-savings target by 800 million francs ($831 million) by the end of 2018.

Shafir was previously co-head of private banking and wealth management, sharing the job with Hans-Ulrich Meister. Chief Executive Officer Tidjane Thiam split up the unit in October as he reorganized and overhauled leadership to place greater emphasis on wealth management.

Shafir joined Credit Suisse in 2007 from Lehman Brothers Holdings Inc., where he was head of equities and a member of the executive board.

The departure was earlier reported by the Wall Street Journal.

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