Credit Suisse's Americas Chairman Plans to Depart
April 14 2016 - 11:00AM
Dow Jones News
Robert Shafir, Credit Suisse Group AG's chairman of the Americas
region who stepped down from the executive board late last year, is
planning to leave the Swiss bank.
Mr. Shafir's planned departure will be effective the end of
June, according to people familiar with the matter. It hasn't been
internally announced. A Credit Suisse spokeswoman confirmed the
planned departure.
Mr. Shafir joined Credit Suisse in August 2007 and was a member
of its executive board from then until October last year, when the
bank unveiled a restructuring under new Chief Executive Tidjane
Thiam.
Credit Suisse said in its 2015 annual report that Mr. Shafir was
the highest-paid executive board member last year, earning 7.9
million Swiss francs ($8.2 million), including a bonus of 6.3
million Swiss francs. The report said his compensation reflected
"the support that he provided to establish the new strategy" and
his work transferring its U.S. private-banking business to Wells
Fargo & Co.
Mr. Shafir joined Credit Suisse from Lehman Brothers, where he
spent 17 years and held senior positions including head of
equities.
At Credit Suisse, he was Americas chief executive before the
October shakeup, and also co-headed the private-banking and
wealth-management division that has been broken up under Mr. Thiam.
Previously, Mr. Shafir was CEO of the asset-management division
from 2008 to 2012.
Other planned senior-level departures recently announced from
Credit Suisse's U.S. ranks include global head of asset management
Bob Jain and U.S. private-banking head Philip Vasan. Employees see
Messrs. Shafir, Jain and Vasan as among the few remaining senior
executives close to Mr. Thiam's predecessor, former CEO Brady
Dougan, according to people inside the bank.
Write to Jenny Strasburg at jenny.strasburg@wsj.com and John
Letzing at john.letzing@wsj.com
(END) Dow Jones Newswires
April 14, 2016 10:45 ET (14:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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