Credit Suisse appoints Gabriele D’Agosta as Head of Private Banking Italy and further strengthens team
Credit Suisse is pleased to announce the appointment of Gabriele D’Agosta as Head of Private Banking Italy and CEO of Credit Suisse (Italy) S.p.A. In addition, a number of Relationship Managers (RMs) have recently joined Credit Suisse’s wealth management team in Italy.
Robert Cielen, Head of International Wealth Management Europe said: “We are very excited to welcome Gabriele. Gabriele’s drive and experience will help further develop our team in Italy, where we are honored to have been serving our clients locally for over 30 years. We will continue to invest in and hire in this key market, which is of strategic importance to the bank. I would also like to thank Giorgio Vio for his leadership and significant contribution since joining Credit Suisse.”
Federico Imbert, Country CEO and Senior Franchise Officer Italy added: “We are committed to serving our clients with our distinctive know-how and our global capabilities. It will be a pleasure to work with Gabriele, in keeping with the team spirit that has always distinguished Credit Suisse, to further enhance the great collaboration between all the group’s divisions in Italy and globally.”
Gabriele D’Agosta brings more than 20 years of experience in wealth management and corporate advisory, with a primary focus on Italian entrepreneurs and wealth management clients, most recently with UBS. Prior to that, he worked for Rothschild and Morgan Stanley. He holds a Business Administration degree from Bocconi University in Milan. Based in Milan, Gabriele will report into Robert Cielen, Head of International Wealth Management Europe. Gabriele will succeed Giorgio Vio. They will work closely together to ensure a seamless handover.
Edoardo Ravano, Andrea Di Carlo and Edoardo Longhini all recently joined Credit Suisse Italy’s wealth management team as senior RMs in Milan, while Matteo Carraro and Roberto Bettati joined as senior RMs in Padua. Ginevra Calegari d’Oria joined as a Tied Agent and Stefano Mussati will soon join the team as an investment expert based in Milan.
Credit Suisse Private Banking in Italy will also further benefit from the experience of Vincenzo De Falco, Head of IWM Investment Banking Advisory Coverage Europe, who will now be based in Milan, underlining the importance of the Italian market. Mr De Falco was appointed to his role in January 2021, based in Zurich. He will continue to serve clients across Europe with his extensive expertise.
Credit Suisse is present in more than 50 countries and is one of the global leaders in wealth management. With its longstanding and broad expertise, Credit Suisse counts Italy as one of International Wealth Management Europe’s priority hubs.
Credit Suisse to hire 1,000+ staff in India IT in 2021
Credit Suisse plans to hire over 1,000 IT employees in India this year, underscoring its continued commitment to its presence in the country and its vision to establish India as a center for technology innovation across the bank globally. The hires will comprise of developers and engineers who have capabilities in emerging technologies such as Cybersecurity, Data Analytics, Cloud, API Development, Machine Learning and Artificial Intelligence that are anchored in Agile and DevOps delivery methods, to support the bank’s digital aspirations.
This is a continuation of Credit Suisse’s India growth strategy that has seen the bank hire 2,000 IT employees in the last three years. Credit Suisse’s goal is to leverage the large pool of skilled technology talent available in India, to further enhance its in-house core capabilities. The bank is focused on nurturing local leaders within India IT and basing global roles in the country that have accountability and ownership for end-to-end delivery of IT solutions and services to the bank’s businesses around the world. India now accounts for nearly 25% of the bank’s global IT staff, the largest footprint of any Credit Suisse location globally.
John Burns, Head India IT and Senior Franchise Officer, Pune, said: “This year’s hiring plan highlights our continued commitment to India, particularly to Maharashtra, and supports Credit Suisse’s vision to establish our operations here as a global technological hub. To support the growth of our IT presence in India, we believe empowering our employees to lead global delivery and drive innovative solutions enhances value creation and productivity for the bank globally.”
Prashant Bhatnagar, Global Head of Experienced Recruiting for Technology, said: “As we continue to build our footprint in India, we want to attract the best IT talent to join our vibrant community of professionals. We provide our employees with a dynamic environment that fosters skills development and knowledge-sharing, and we provide opportunities for engineers and developers to be at the forefront of technology and innovation.”
Over the years, Credit Suisse India IT has successfully delivered new technology capability to the bank while maintaining a strong focus on system stability and security while maximizing operational efficiency. The hiring ambitions for 2021 will play a critical role in delivering the bank to its clients, ensuring a digitization-ready architecture, a robust platform, adoption of IT best practices and technologies, and an empowered engineering workforce.
Credit Suisse’s IT leadership is committed to driving an engineering mindset and a culture of innovation. As part of its recruitment program to attract the best technology talent, the bank hires from premier engineering and management colleges in India, with a focus on entry level talent who have up to one year of experience. Credit Suisse also offers an intensive Technical Analyst (TA) Program, an industry leading career starter program that targets the best applicants from top tier technology schools. Nearly 100 TAs across the 2-year rolling program are able to gain exposure to the latest technologies within an environment that fosters building of knowledge in financial services. With over 40% women, the program also serves as a launch pad for high quality female technology talent. TAs have the opportunity to organize large scale global events held by the bank such as CodeIT Suisse and Global Coding Challenge, hosting nearly 20,000 participants from the best universities across the world.
As an employer of choice, Credit Suisse is fully committed to diversity and inclusion, and enhancing its culture of collaboration to foster skills development and knowledge-sharing.
John Burns added: “The pandemic has accelerated the use of digital solutions across many areas. We have effectively employed collaboration tools to enable seamless external and internal communication to support teamwork and effective delivery.”
As India continues to battle the second wave of the Covid-19 pandemic, Credit Suisse recently committed INR 7.5 crores (USD 1 million) in aid to Concern India Foundation and GiveIndia, to provide assistance to hospitals in Mumbai, Pune, Delhi and Bangalore for the procurement of critical medical supplies. This commitment is in addition to a fundraising appeal launched among its staff, matched by the bank through a separate donation, which has raised more than INR 2.8 crores (USD 370,000) so far for GiveIndia’s India Covid Response Fund. The bank continues to prioritize the health and wellbeing of its staff with ongoing measures that include a virtual and contactless new joiner onboarding process, flexible remote working arrangements, a ‘Working Parents Support Program,’ paid family leave, and 24×7 helplines and wellness coaching to ensure employees and their families are well-supported through the pandemic.
Renato Costantini appointed new General Counsel of Credit Suisse (Switzerland) Ltd.
Renato Costantini has been appointed as the new General Counsel of Credit Suisse (Switzerland) Ltd. In this role, he will also be a member of the Executive Board of Credit Suisse (Switzerland) Ltd. and of the Management Committee of the Swiss Universal Bank division.
After studying law at the University of Zurich, Renato Costantini was admitted to the Swiss Bar Association and later gained a PhD from the University of Lucerne. He began his career in 2002 at the Zurich District Court. After many years as an attorney with Niederer Kraft & Frey, where he specialized in banking and financial law, he joined Credit Suisse in 2011, where he has held various senior positions within the General Counsel unit – most recently as Head of Legal Products & Wealth Planning and as Head of Legal Trading, Brokerage, Custody & Payments at Credit Suisse in Switzerland.
44-year-old Costantini succeeds Thomas Grotzer, who has served as interim Global Head of Compliance of Credit Suisse Group AG since April 6, 2021.
Credit Suisse: Ζημιά ύψους $275 εκατ. το α΄ τρίμηνο μετά το σκάνδαλο με την Archegos
Στα 252 εκατ. ελβετικά φράγκα (275 εκατ. δολ.) ανήλθαν οι ζημιές της Credit Suisse για το πρώτο τρίμηνο, σε μια εποχή αυξημένης πίεσης στην τράπεζα, όπως αναφέρει το CNBC.
H Credit Suisse αναφέρει πως η ζημία αντικατοπτρίζει μια «σημαντική επιβάρυνση που σχετίζεται με το hedge fund που εδρεύει στις ΗΠΑ, η οποία αντιστάθμισε τις θετικές επιδόσεις στη διαχείριση πλούτου και στην επενδυτική τραπεζική».
Η ελβετική τράπεζα είχε προειδοποιήσει για μεγάλες απώλειες νωρίτερα αυτό το μήνα μετά από ένα σκάνδαλο με το Archegos το οποίο εδρεύει στις ΗΠΑ, και κατέρρευσε μετά την ανάληψη υπερβολικού ρίσκου.
Η Credit Suisse ζημιώθηκε κατά 4,4 δισεκατομμύρια ελβετικά φράγκα γεγονός που «επηρέασε σημαντικά» τα αποτελέσματα του πρώτου τριμήνου.
Επιπλέον, ο Διευθύνων Σύμβουλος της επενδυτικής τραπεζικής Brian Chin και η επικεφαλής κινδύνου Lara Warner, παραιτήθηκαν. Το εκτελεστικό συμβούλιο αποφάσισε να μην δώσει μπόνους για το 2020 και επίσης μείωσε το προτεινόμενο μέρισμα.
Η Credit Suisse ανακοίνωσε ότι τα προσαρμοσμένα καθαρά έσοδα θα έφταναν τα 7,4 δισεκατομμύρια ελβετικά φράγκα, εάν δεν υπήρχε το σκάνδαλο με την Arhcegos. Αυτό θα αντιστοιχούσε σε αύξηση 35% σε σχέση με το αντίστοιχο χρονικό του περυσινού έτους.
Christian Gellerstad nominated for election to the Board of Directors of Credit Suisse (Switzerland) Ltd.
The Board of Directors of Credit Suisse (Switzerland) Ltd. is proposing the election of Christian Gellerstad to the Board of Directors of Credit Suisse (Switzerland) Ltd. The election will be held at the Annual General Meeting of Credit Suisse (Switzerland) Ltd. on April 30, 2021. Urs Rohner will not stand for re-election.
Like Credit Suisse Group AG, Credit Suisse (Switzerland) Ltd. will hold its Annual General Meeting on April 30, 2021. Christian Gellerstad will be proposed for election as a new member of the Board of Directors of Credit Suisse (Switzerland) Ltd.
A dual Swiss and Swedish citizen, Christian Gellerstad is a wealth management expert with over 20 years of experience in the Swiss private banking industry. He can look back on a long and successful career at the Pictet Group, where he held various roles between 1994 and 2018, most recently serving as CEO of Pictet Wealth Management. He has been a member of the Board of Directors of Credit Suisse Group AG since 2019, and is standing for re-election this year.
Urs Rohner will not stand for re-election as he will step down from the Board of Directors of Credit Suisse Group AG and also from the Swiss entity’s Board of Directors.
The following members of the Board of Directors of Credit Suisse (Switzerland) Ltd. are standing for re-election at the next Annual General Meeting for a term of office of one year:
Dr. Peter Derendinger (Chairman)
Patrizia Pesenti (Vice-Chairwoman)
Dr. Christoph Brunner (Chair of Audit Committee)
Dr. Christian Camenzind (Chair of Risk Committee)
Dr. Thomas Gottstein
Andreas N. Koopmann
Professional History of Christian Gellerstad
2019 – present Credit Suisse
Chair of the Conduct and Financial Crime Control Committee (2020 – present)
Member of the Governance and Nominations Committee (2020 – present)
Member of the Compensation Committee (2019 – present)
Member of the Conduct and Financial Crime Control Committee (2019 – present)
1994 – 2018 Pictet Group
CEO, Pictet Wealth Management (2007 – 2018)
Executive Committee Member, Banque Pictet & Cie SA, Geneva (2013 – 2018)
Equity Partner, Pictet Group (2006 – 2018)
CEO and Managing Director Banque Pictet & Cie (Europe) S.A., Luxembourg (2000 – 2007)
Deputy CEO and Senior Vice President, Pictet Bank & Trust Ltd., Bahamas (1996 – 2000)
Financial Analyst & Portfolio Manager, Pictet & Cie, Geneva (1994 – 1996)
Prior to 1994 Cargill International, Emerging Markets Trader Education
2019 Board Director Diploma, International Institute for Management Development (IMD), Switzerland
1996 Certified International Investment Analyst (CIIA) and Certified Portfolio Manager and Financial Analyst (AZEK)
1993 Master’s degree in business administration and economics, University of St. Gallen (HSG), Switzerland
Other activities and functions
Elatior SA, Chairman
Nubica SA, Board Member
Taurus SA, Board Member
FAVI SA, Board Member
AFICA SA, Board Member
Tsampéhro SA, Board Member
Credit Suisse: Αναμένει ζημιές 4,7 δισ. δολαρίων εξαιτίας του Archegos
Η ελβετική τράπεζα Credit Suisse ανακοίνωσε ότι αναμένει προ φόρων ζημιές 900 εκατ. ελβετικών φράγκων (961,1 εκατ. δολάρια) για το α΄ τρίμηνο του έτους, εξαιτίας της χρέωσης που συνδέεται με το hedge fund Archegos.
Το ποσό περιλαμβάνει έκτακτη χρέωση 4,4 δισ. φράγκων που συνδέεται με την αποτυχία του Archegos να ανταποκριθεί στη δέσμευση για το margin.
Η τράπεζα τόνισε πως αυτή η χρέωση θα αναιρέσει την ισχυρή επίδοση που είχε πετύχει στο investment banking, στη διαχείριση πλούτου και assets.
Η Credit Suisse αναμένει ο δείκτης κεφαλαιακής επάρκειας να διαμορφωθεί στο 12% τουλάχιστον, ενώ ο δείκτης μόχλευσης αναμένεται τουλάχιστον στο 5,4% για το τρίμηνο.
Το πρόγραμμα αγοράς ίδιων μετοχών θα ανασταλεί μετά από την ολοκλήρωση των αγορών του α΄ τριμήνου και δεν θα ξεκινήσει μέχρι η τράπεζα να ανακτήσει τους στόχους για το κεφάλαιο και να επαναφέρει το μέρισμα.
Floriana Scarlato appointed new Chief Compliance Officer of Credit Suisse (Switzerland) Ltd.
Floriana Scarlato assumed responsibility for the Compliance function of Credit Suisse (Switzerland) Ltd. on March 1, 2021. She also became a member of the Executive Board of Credit Suisse (Switzerland) Ltd. and of the Management Committee of the Swiss Universal Bank division.
Floriana Scarlato has served as Chief Compliance Officer of the International Wealth Management division of Credit Suisse since 2015, and has worked in a range of areas and locations over the past 15 years at the bank. Prior to that, she was an external auditor and consultant at various consulting firms. Floriana Scarlato holds a Bachelor’s degree in Economics from the Università degli Studi di Napoli Federico II and completed an Advanced Management Program at Harvard Business School.
In her new role as Chief Compliance Officer of Credit Suisse (Switzerland) Ltd., Floriana Scarlato succeeds Erwin Grob, who will now head the Core Compliance area. Tamlyn Ludford, who is currently responsible for the areas of Financial Crime Compliance and Core Compliance & Investigations at Credit Suisse, will succeed Floriana Scarlato as Chief Compliance Officer of International Wealth Management alongside retaining his role as Head of Financial Crime Compliance.
Credit Suisse launches Man AHL TargetRisk Core Custom Index
Credit Suisse has collaborated with Man Group to launch the Credit Suisse Man AHL TargetRisk Core Custom Index (TRCC Index), bringing a new addition to its Quantitative Investment Strategies offering.
This is the first index linked to one of Man Group’s renowned quantitative long only multi-asset strategies. The TRCC Index brings Man Group’s USD 9.5 billion TargetRisk program to investors in a structured product format.
The TRCC Index is a systematic, long-only, multi-asset strategy, implemented on Credit Suisse’s proprietary execution and delivery platform, QUANTUM, and balanced in accordance with portfolio weighting suggestions provided by Man AHL. The index aims to provide investors with a core, balanced portfolio allocation by investing in global bonds and equities through futures contracts, and scaling allocations to these asset classes based on market volatility. Risk management is central to the strategy’s approach, with the aim of reducing overall drawdowns and exposure to swings in volatility while providing excess returns over the long term, regardless of market conditions. To achieve this, the strategy employs three proprietary risk-managed overlays that engage systematically based on the market environment: volatility, momentum and correlation.
Man Group is a top-tier asset manager with over 30 years of quantitative investment management experience. Credit Suisse is a leading wealth manager with specialist investment banking capabilities and extensive experience in delivering index-based solutions to clients.
Delivery via QUANTUM gives increased investment flexibility, allowing investors to access the underlying strategy in a wide range of formats such as capital-protected product and options. This collaboration is a testament to QUANTUM’s robust framework, technology and control processes, and its ability to handle the most sophisticated needs of asset allocators.
Clement Florentin, Head Investment Solutions Structuring, Asia ex-Japan at Credit Suisse, commented: “In Asia Pacific, where clients separate allocations into hedge funds, discretionary mandates and quantitative strategy indices, the TRCC Index sets a new trend by bridging the gap between the fund and the structured product world. We believe this new index offers clients a rare opportunity to invest with a top-tier manager with structured product payoffs. This proposition has already attracted sizeable seeding investment from Asia”.
Credit Suisse: Προειδοποιεί για ζημιές στο δ΄ τρίμηνο εξαιτίας αυξημένων προβλέψεων
Η Credit Suisse ανακοίνωσε πως πρόκειται να εμφανίσει καθαρές ζημιές στο δ΄ τρίμηνο μετά από την αύξηση των προβλέψεων για μια νομική διαμάχη αναφορικά με τίτλους εγγύησης στεγαστικών δανείων στις ΗΠΑ, στα 850 εκατ. δολάρια.
Η ελβετική τράπεζα είχε ανακοινώσει προηγουμένως ότι εξοικονομεί 300 εκατ. δολάρια σε προβλέψεις αναφορικά με την υπόθεση και συνεχίζει να πιστεύει ότι έχει «ισχυρούς λόγους» για ένσταση.
Η Credit Suisse βρίσκεται σε αστική νομική διαμάχη με την εταιρεία ασφάλειας ομολόγων ΜΒΙΑ, από το 2009, αναφορικά με τις εγγυήσεις που εκδόθηκαν για στεγαστικά δάνεια το 2007.
Credit Suisse: Μπορεί να υποχρεωθεί να πληρώσει μέχρι και 680 εκατ. δολάρια για την υπόθεση των RMBS
Το ποσό των 680 εκατ. δολαρίων θα υποχρεωθεί να πληρώσει η Credit Suisse ως μέρος μιας δεκαετούς νομικής διαμάχης με την εταιρεία χρηματοπιστωτικών υπηρεσιών, MBIA Inc, που σχετίζεται με τα RMBS (τίτλους που στηρίζονται από ενυπόθηκα δάνεια).
«Χθες το βράδυ, ο δικαστής που προήδρευσε σε αυτή τη νομική υπόθεση, εξέδωσε μια απόφαση που απαιτεί και από τις δύο πλευρές να καταθέσουν τις εκτιμήσεις του για τις ζημιές που έχουν υποστεί αναφορικά με αυτά τα δάνεια, κάτι που θα μπορούσε να καταλήξει σε απόφαση κατά της Credit Suisse, ύψους 680 εκατ. δολαρίων», ανέφερε η ελβετική τρπεζα.
Η Credit Suisse είχε αναλάβει προβλέψεις 300 εκατ. δολαρίων σε σχέση με την υπόθεση και πιθανότατα θα αυξήσει τις προβλέψεις, τόνισε.
Ωστόσο, η τράπεζα πιστεύει επίσης ότι έχει «ισχυρό έδαφος» να ασκήσει έφεση.
Η ΜΒΙΑ υπέβαλε πρώτη αγωγή στη Νέα Υόρκη εναντίον της Credit Suisse το 2009 και οι δύο εταιρείες ειναι σε νομική διαμάχη από τότε, αναφορικά με τις εγγυήσεις για τα RMBS.
Πηγή: capital.gr