Credit Suisse, the Switzerland based investment banking and financial service provider announced in a statement earlier today that its senior level management team is going through a major change. As per update released by the firm, two of its senior level executives are being assigned to newer roles effective immediately. As per the statement James L. Amine who has been serving in the role as Chief Executive Officer of Investment Banking & Capital Markets (IBCM) division and member of the firm’s executive board is stepping down from his current role to head a newly created at the bank. Amine has been with Credit Suisse for last twenty two years and has been serving as CEO of IBCM for last ten years. While Amine is stepping down as CEO of IBCM, he will still remain as part of the Group’s Executive Board.
Having stepped down from his current role, Amine is taking on the role of Head of Private Credit Opportunities – a newly created division at the bank and will be based off the bank’s office in New York and will be reporting to Eric Varvel – Global Head of Asset Management and President and CEO of Credit Suisse Holdings (USA) Inc. In his new role as the head of new division, he is responsible for boosting up the firm’s asset management unit. Amine will be particularly focused on the bank’s plans to expand its alternative asset management product offering with special focus on directly sourced private credit opportunities. Amine prior role of CEO of IBCM division will be succeeded by Mr. David Miller who has been serving in role of Global Head of Credit, Head of Global Credit Products and a member of the Global Markets Management Committee. Mr. Miller has also been a part of the Swiss Bank’s family for last 22 years having joined nearly at the same time as Mr. James L. Amine and becomes a part of the firm’s executive board with his promotion to latest role.
The IBCM division of Credit Suisse bank consists of global markets operations on wide range of product and service offerings such as securities sales, trading and execution, prime brokerage and comprehensive investment research. The announcement also revealed that Mr. Eric Varvel has been appointment as Chairman of IBCM division while he will also continue to retain his prior roles and responsibilities. Commenting on the changes made to its senior level management team, Urs Rohner, Chairman of the board of Credit Suisse said, “The Board of Directors would like to thank Jim for his strong commitment and excellent contribution to the bank over the past two decades. We look forward to welcoming David to the Executive Board of Credit Suisse. Credit Suisse will greatly benefit from his deep experience across capital markets and investment banking, combined with his broad client relationships both in the US and internationally”.