Credit Suisse has replaced its chief legal officer as the major bank continues to reel from several years of difficulties.
The Swiss outfit’s CLO Romeo Cerutti has been with the bank since 2006 and held the top legal position since 2009.
Cerutti was behind the bank’s decision to limit work it handed Allen & Overy last year, following concerns over conflicts and client data breaches.
According to a statement by Credit Suisse on Wednesday, he will retire at the start of July and be replaced by Markus Diethelm, who joins from UBS.
Diethelm had previously been general counsel at UBS until 2021, and has been at the bank since 2008.
In the statement, Credit Suisse added that prior to joining UBS, he was group chief legal officer at Swiss reinsurance company Swiss Re. He also had stints at law firms Gibson, Dunn & Crutcher as well as Shearman & Sterling and Paul, Weiss, Rifkind, Wharton & Garrison before that.
His appointment comes amid a shakeup of other senior leadership roles at the bank. Credit Suisse’s CFO David Mathers, who also holds the post of CEO of Credit Suisse International, said he will step down “to pursue other opportunities”, according to the statement, triggering a search for a replacement.
The bank has also replaced its EMEA CEO, with Francesca McDonagh set to take over by October this year from Francesco De Ferrari, CEO of the Wealth Management division, who has held this position on an ad interim basis since January 2022.
Meanwhile Edwin Low has been appointed CEO of APAC, replacing Helman Sitohang.
The shake-up of senior management is part of new chairman Axel Lehmann’s plan to steady the embattled bank, which has faced significant losses and is still facing ongoing investigations of its compliance and risk failings. These include its $5.5 billion backing of capital management company Archegos, which later collapsed, and the collapse of $10 billion in supply chain finance funds linked to insolvent U.K. financier Greensill.