Credit Suisse Group has replaced its chief executive of global markets and US head.
Credit Suisse Group has announced today that Tim O’Hara, who leaves the firm, will be succeeded by Brian Chin, currently co-head of credit, as its chief executive of global markets.
Chin will join the executive board of Credit Suisse Group. The bank also announced that it has appointed Eric Varvel as president and CEO of Credit Suisse Holdings (USA), in addition to his current responsibilities as global head of asset management. These changes are effective immediately, the firm said in a statement.
Urs Rohner, chairman of the board of Credit Suisse said: “Tim O’Hara has been instrumental in driving the successful restructuring of the global markets division in a challenging market and regulatory environment. We greatly appreciate Tim’s excellent contribution to the firm during his long tenure at Credit Suisse.”
Tidjane Thiam, chief executive of Credit Suisse thanked O’Hara for his “leadership, management and commitment” to Credit Suisse since joining the bank in 1986.
“Tim has excelled in a number of senior roles across fixed income and equities. I am especially thankful to Tim for steering global markets through its recent accelerated restructuring program, returning the division to profitability in Q2 and ensuring that some of the positive momentum of the division in Q2 has continued over the summer months.”
Thiam also said the he was “excited” to welcome Brian Chin to the executive board. “Since joining the bank in 2003, Brian has been one of our strongest risk managers and has been an integral part in developing the strength of our global markets franchise,” he added.