Credit Suisse’s investment bank chairman and Credit Suisse Holdings (USA) CEO Eric Varvel is reportedly departing from the Swiss group after 30 years of service.
The news, which was confirmed by the bank, was first reported by Reuters based on memo sent to employees by Credit Suisse CEO Thomas Gottstein.
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The reason for Varvel’s exit was not disclosed by the bank.
Varvel was previously head of Credit Suisse’s asset management division, which sold securities linked to collapsed British financial services firm Greensill Capital.
Following the scandal, Varvel pulled out of the asset management in a leadership overhaul.
Gottstein wrote in the memo: “I speak for us all when I say we appreciated Eric’s optimism, his leadership and his winning attitude. He has developed remarkably durable and deep relationships with colleagues and clients alike.
“Based on a great many conversations with Eric, I know the difference he made for this institution, its people and our clients over the years.”
Varvel will be replaced by James Walker as CEO ad interim of Credit Suisse Holdings (USA), according to the memo,
Varvel’s exit comes shortly after a major shakeup in the Swiss bank’s top management under new chair Antonio Horta-Osario.
It recently appointed former AMP CEO Francesco De Ferrari as the new CEO of its wealth management division.
The Zurich-headquartered bank also named its investment banking chief Christian Meissner as the new CEO of the Americas region.
It hired Helman Sitohang and André Helfenstein as CEOs of the APAC and Switzerland regions, respectively.
