Francesca McDonagh, the Chief Operating Officer (COO) of Credit Suisse (SIX:CSGN), is set to leave the firm three months after its emergency takeover by rival UBS Group AG (SIX:UBSG). The departure was announced by Credit Suisse Chief Executive Officer Ulrich Koerner in an internal memo on Monday, according to reports by Bloomberg and the Financial Times.
The reports note that McDonagh, who was elevated to the role of COO at Credit Suisse in August 2022, is leaving "to pursue a new opportunity outside of the bank," according to the memo. This marks one of the first high-profile departures since a leadership cull at Credit Suisse following its takeover by UBS in early June. The memo did not specify McDonagh's next role, however, sources told the Financial Times that she has agreed to become chief executive at an unnamed company in January.
Prior to her appointment as COO, McDonagh was initially hired to oversee Credit Suisse's operations in Europe, the Middle East, and Africa. Before joining Credit Suisse in April 2022, she served as CEO of Bank of Ireland Group Plc.
The Swiss government engineered the rescue takeover of Credit Suisse by UBS in March following a collapse of client and investor confidence. Since then, UBS CEO Sergio Ermotti and Chairman Colm Kelleher have moved swiftly to integrate the competitor bank, including replacing top executives.
UBS has laid out significant targets for the integration process including cutting 3,000 domestic jobs and achieving more than $10 billion in cost savings. As part of this process, hundreds of wealth-management jobs in Asia are currently being cut due to muted client activity and China’s slowing economy.
Despite these changes, Credit Suisse had been quick to retain McDonagh after its merger with UBS. She was one of four executive board members who were confirmed to be staying with the bank, alongside Christine Graeff, the bank's head of human resources; Andre Helfenstein, CEO of the Swiss domestic unit; and Nita Patel, the bank's chief compliance officer.
Koerner has expressed gratitude for McDonagh's leadership during her tenure at Credit Suisse, stating that she will "remain available to ensure a smooth transition" amid the bank's integration with UBS.
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