Credit Suisse's Americas Chairman Robert Shafir Plans to Leave Bank -- Update
April 14 2016 - 11:34AM
Dow Jones News
By Jenny Strasburg and John Letzing
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, 57 years old, 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.
Before Mr. Thiam unveiled his overhaul last October, Mr. Shafir
told senior Credit Suisse executives he would be leaving the bank
following a transition period, according to people inside the bank
familiar with internal discussions at the time.
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 shake-up, and 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 11:19 ET (15:19 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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