Credit Suisse taps own ranks to find new CFO

Credit Suisse has chosen David Mathers of Britain to be the bank’s new chief financial officer. He replaces Renato Fassbind, who will retire on October 1.

Mathers came to the bank from HSBC in 1998 and is currently the chief operating officer. He is also the head of the Swiss bank’s investment banking division.

Fassbind will remain a consultant for the bank, Credit Suisse said on Friday. He joined the bank in 2004 under former CEO Oswald Gruebel who is now the CEO of rival bank UBS.

Credit Suisse CEO Brady Dougan praised Fassbind for his work, saying through his experience and management expertise Fassbind had helped Credit Suisse navigate the financial crisis to emerge stronger.

“Credit Suisse is very fortunate to have someone as capable and talented as David Mathers to succeed Renato as CFO,” Dougan said in a statement published on the bank’s website.

“I look forward to having David as part of our team as we continue to advance our client-focused strategy and integrated model.”

Credit Suisse holds its annual general meeting in Zurich on Friday, when investors will vote on the bank’s 2009 remuneration report.

swissinfo.ch and agencies