Credit Suisse’s Execs in Israel Move to Swiss Private Bank EFG: Report

<p>Seven
executives working for Credit Suisse in Israel, including CEO Joseph Wolf, are
now moving to Swiss private bank EFG International, Reuters reported on
Tuesday, citing anonymous sources. Wolf, who joined <a href="https://www.financemagnates.com/tag/credit-suisse/" target="_blank" rel="follow">Credit Suisse</a> (CS) Israel in April last year, will
lead the team to build a new wealth management advisory business for EFG in the
Western Asia country.</p><p>Credit Suisse
Israel Sees Execs Exit</p><p>According
to Reuters, Joseph Dadoun, Credit Suisse’s Head of Private Banking in Israel,
is also one of the executives making the move to EFG. Dadoun joined the former Swiss lender
in November 2018 as Senior Relationship Manager. The executive resigned their jobs in early June and are expected to take up the role in early September, the outlet added.</p><p>The moves
come as rival lender UBS recently <a href="https://www.financemagnates.com/institutional-forex/ubs-completes-credit-suisse-takeover/" target="_blank" rel="follow">completed its
acquisition</a> of
troubled Credit Suisse, creating a Swiss banking behemoth with a balance sheet of
$1.6 trillion and a workforce of 120,000. Following the completion of the
<a href="https://www.financemagnates.com/terms/a/acquisition/">acquisition</a>, <a href="https://www.financemagnates.com/executives/ex-ubs-ceo-is-back-after-2-years-to-lead-the-credit-suisse-takeover/" target="_blank" rel="follow">Sergio
Ermotti</a>, the CEO of UBS Group AG, suggested that Credit Suisse’s
investment banking division might <a href="https://www.financemagnates.com/institutional-forex/ubs-ceo-suggests-massive-job-cuts-loom-for-credit-suisses-investment-banking-division/" target="_blank" rel="follow">be hit with massive job
cuts</a>, <a href="https://financemagnates.com" target="_blank" rel="nofollow">Finance Magnates</a>reported.</p><p>However,
one of the sources told Reuters that no Credit Suisse staff in Israel has been
dismissed. The source, however, pointed out that the <a href="https://www.financemagnates.com/terms/m/merger/">merger</a> of UBS and Credit Suisse has created overlaps
in specific regions, including Israel, where the bank is present.</p><p>Leadership
Changes</p><p>Meanwhile,
the takeover of Credit Suisse led to the departure of several of the former banking
giant’s top guns, including Dixit Joshi, Chief Financial Officer, and David
Miller, Global
Head of Investment Banking and Capital Markets. </p><p>Some of the
executives that were retained include Francesco de Ferrari, former Head of Wealth
Management, and Joanne Hannaford, former Chief Technology Officer. While de Ferrari was appointed as an adviser to
Iqbal Khan, UBS’s Head of Private Banking, Hannaford was selected as Head of
Technology for UBS’ Wealth Management unit in the United States. </p><p>According
to Bloomberg, executives from Credit Suisse only make up a fifth of the new
leadership of the merged bank.</p><p>TradingView integrates FYERS; Crypto.com opens innovation lab; <a href="https://www.financemagnates.com/forex/news-nuggets-27-june-tradingview-integrates-fyers-cryptocom-opens-innovation-lab/" target="_blank" rel="follow">read today's news nuggets</a>.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.