Bank of Ireland CEO moves to Credit Suisse role

Outgoing Bank of Ireland CEO Francesca McDonagh will take on a new job at Swiss bank Credit Suisse.

Ms. McDonagh will take over as CEO of Credit Suisse’s Europe, Middle East and Africa region in October.

The Bank of Ireland confirmed yesterday that Ms. McDonagh would step down as chief executive in September after leading the bank for almost five years.

She was the first female CEO of the 234-year-old lender and joined from the HSBC Group, where she held various management positions.

At Credit Swiss, Ms. McDonagh will take over as CEO of the EMEA region from Francesco De Ferrari, CEO of the Wealth Management division, who has held this position on an interim basis since January.

The Swiss bank today announced a management reshuffle with its group finance chief David Mathers set to leave the struggling bank.

Mathers, who has served as chief financial officer since 2010, will remain until a successor is found.

Asia-Pacific chief Helman Sitohang will step down on June 1 and will be succeeded by Credit Suisse veteran Edwin Low, it added.

Meanwhile, Credit Suisse today posted a 273 million Swiss franc ($283.6 million) loss in the first quarter, prolonging the lender’s financial woes after a series of scandals.

The loss of the first quarter, due to new legal charges and a reduction of almost half in net income, increases the pressure on the second largest bank in Switzerland.

The bank is still reeling from billions in losses racked up in 2021 and as shareholder pushback grows for what has been described as a carefree culture.

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