Investment banker Credit Suisse Varvel withdraws – Memorandum

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in Zurich
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its branch office in Zurich, Switzerland, November 3, 2021. REUTERS/Arnd WIegmann/File Photo

December 20, 2021

ZURICH (Reuters) -Eric Varvel, president of investment bank Credit Suisse and head of its parent company in the US, will leave the Swiss conglomerate where he worked for three decades, a memo by employees viewed by Reuters and endorsed by the bank.

James Walker has been appointed interim CEO of Credit Suisse Holdings (US) Inc, the memo from Chief Executive Thomas Gottstein said.

The departure prolongs volatility at Credit Suisse, which under new President Antonio Horta-Osario last month wooed its investment bankers and focused more on private banking as it tries to rein in investment. Liberal culture has cost billions of dollars in a series of scandals.

Varvel is the head of wealth management that has sold wealthy clients’ investments linked to British supply chain financier Greensill.

Credit Suisse had to suspend $10 billion worth of investments as Greensill was about to collapse in March, putting enormous pressure on the bank and its top bosses.

Varvel was removed from his position as head of wealth management in a leadership overhaul shortly after Greensill’s bankruptcy.

The memo gave no reason for Varvel to withdraw. Last week, the Financial Times reported that he was in talks to leave, partly due to disagreements with Horta-Osario.

“I speak for all of us when I say we appreciate Eric’s optimism, his leadership and his winning attitude. He has developed remarkably deep and lasting relationships with colleagues as well as clients,” Gottstein wrote in the memo.

“Based on many wonderful conversations with Eric, I know the difference he has made to this organization, its people, and our customers over the years.”

(Reporting by Oliver Hirt Written by Michael Shields Edited by Jane Merriman and Mark Potter) Investment banker Credit Suisse Varvel withdraws – Memorandum

Bobby Allyn

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