Credit Suisse loses top officials in Asia, Europe departures

Bloomberg

Credit Suisse Group AG lost two senior executives in China and Italy, adding to a string of departures as the troubled Swiss lender embarks on a comprehensive restructuring.
Carsten Stoehr, chief executive officer of Greater China, is leaving Credit Suisse effective from December 15, according to an internal memo that was confirmed by a Hong Kong-based spokeswoman. He had rejoined the firm in 2016 and led its expansion across investment banking, wealth and asset management in the region.
Andrea Donzelli, Credit Suisse’s Italy chief executive officer, will join Jefferies Financial Group Inc in the first quarter, according to people familiar with the matter, who asked not to be identified discussing private information. Donzelli was also co-head of investment banking and capital markets in the country,
Representatives for Jefferies and Credit Suisse declined to comment.
The Swiss bank is working to shore up its finances and restore profitability after a series of losses and scandals that have shaken investor confidence. Having raised 4 billion francs ($4.3 billion) in a capital increase, the lender plans to cut thousands of jobs and spin out or sell large parts of its investment bank to focus on the more stable business of managing money for its wealthy clients.
Stoehr, who is also chairman of the board of Credit Suisse (Hong Kong) Ltd and Credit Suisse Securities (Hong Kong) Ltd, is the most senior executive to leave Credit Suisse’s China business recently. Eugene Fung, co-head of the global financing & products group, will take over as chairman of the two entities.
His exit comes after the lender this year reached agreement with its partner to gain 100% control of its securities venture in mainland China. But the bank has also made deep cuts to its workforce in China, letting go of at least one-third of its investment-banking workforce and about 40% of research staff, people familiar have said earlier.
In Italy, Credit Suisse named Paolo Celesia and Michele Pangrazzi as co-heads of investment banking and capital markets in the country, according to people familiar with the matter. Both are veterans of the Swiss lender.