Credit Suisse has announced the appointment of Brian Chin as CEO of Global Markets.
Chin, who was hitherto co-head of Credit, succeeds Timothy O’Hara. In addition, he will join the executive board of Credit Suisse Group.
At the same time, Eric Varvel has been appointed president and CEO of Credit Suisse Holdings (USA), the bank’s intermediate holding company (IHC). He will remain global head of Asset Management.
All changes are effective immediately.
Urs Rohner, chairman of the Board of Credit Suisse commented: “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.”
“We are very pleased that Brian Chin will become CEO of Global Markets and join the executive board of the bank. He is a proven business leader and provides continued strong experience and deep knowledge of Global Markets.
“Eric Varvel will provide critical continuity at Credit Suisse Holdings (USA), Inc., with his extensive background in investment banking and his proven leadership skills in various key roles as a former member of the executive board.”
Tidjane Thiam, CEO of Credit Suisse said: “I am grateful to Tim O’Hara for his leadership, management and commitment to Credit Suisse over many years. Since joining the bank in 1986, Tim has excelled in a number of senior roles across Fixed Income and Equities.
“He has contributed enormously to the development of our Global Markets franchise, establishing market leading positions in many of our core products and services which he managed. 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.”