Credit Suisse Group appointed James Leigh-Pemberton as head of its UK business, but it declined to comment on a fact it was slashing costs across Europe, Reuters reports.
Leigh-Pemberton will report to Eric Varvel, recently appointed chief executive of the Swiss bank’s Europe, Middle East and Africa region, Credit Suisse says in a statement.
Separately, Credit Suisse had slashed the costs of its top management team in Europe by 50 million Swiss francs ($48.8 million) or 30%, without disclosing its sources. The bank declined to comment on the report.Credit Suisse has so far written down some $9 billion in credit-related assets, far less than its Swiss-based rival UBS, Europe’s hardest-hit victim of the credit crisis and which has a similar business model.
The cost cuts are part of the Swiss bank’s efforts to strip out overlaps and to make better use of its integrated model, which combines private banking, asset management and investment banking.
Leigh-Pemberton will be chief executive in the UK and will keep his current client responsibilities in the investment banking department, CS says.
The UK citizen joined Credit Suisse in 1994 and has led a number of business in Europe. Most recently, he was chairman of UK investment banking.
Varvel, who spent 15 years in Asia in investment banking, reports to Chief Executive Brady Dougan. He was named chief executive, EMEA in January.