CS Credit Suisse Group

By Maria Armental and Ezequiel Minaya 

Credit Suisse Group AG on Tuesday announced a management shakeup of the investment unit that last year booked a nearly 2 billion-Swiss franc loss as Tim O'Hara -- who steered the unit back into the black -- leaves the bank.

A spokeswoman for the bank declined to comment on Mr. O'Hara's next step.

Taking over the top stop on the Global Markets division is Brian Chin, who joined the bank in 2003 and was most recently co-head of credit.

Mr. O'Hara, who joined the Swiss bank in 1986, was put in charge of the bank's global markets unit as part of a broader overhaul after the bank booked almost $1 billion in losses and Chief Executive Tidjane Thiam said he and his financial chief hadn't been fully aware of looming risks until January.

The Global Markets unit, which generated about 7.39 billion Swiss francs in revenue last year, trades stocks and bonds and sells research to hedge funds, pension funds and other clients.

As part of the latest executive shuffle, part of the Zurich-based bank's strategic revamp, Eric Varvel will add the titles of president and chief executive of Credit Suisse Holdings (USA) Inc. to his current responsibilities as global head of asset management.

Mr. Varvel is a 25-year veteran of Credit Suisse and sat on the executive board from Feb. 2008 through Oct. 2014.

The Swiss lender, which swung to a loss in 2015 and is one of the worst performers of European investment banks, has been scaling back investment banking and laying off workers as part of a cost-cutting push as it continued to build its capital cushion to met stricter bank regulations.

Write to Maria Armental at maria.armental@wsj.com and Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

September 06, 2016 20:39 ET (00:39 GMT)

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