Credit Suisse hires former AMP chief to run wealth

Credit Suisse has hired Francesco De Ferrari to head up the Swiss bank's newly overhauled wealth management business, effective January next year.

De Ferrari - who left AMP in June after two years at the helm - will join the Credit Suisse executive board and report to group chief executive Thomas Gottstein.

In addition to wealth management, De Ferrari will lead the group's European, Middle East, and African operations on an interim basis

António Horta-Osório, chair of Credit Suisse, said the former AMP boss joins with an impressive track record and a profound knowledge of the firm and the industry.

"He will undoubtedly play a crucial role in delivering on the group's new strategy towards a much stronger, more client-centric bank, with leading global businesses and regional franchises," said Horta-Osório.

"Risk management will be at the core of all our actions, with the board of directors and the executive board together driving a culture that reinforces the importance of accountability and responsibility across the entire bank."

Thomas Gottstein, Credit Suisse group chief executive, added: "We are delighted to welcome Francesco back to Credit Suisse as chief executive of the global wealth management division.

"As we look to build on our existing strengths and accelerate growth in key strategic business areas, Francesco brings over 24 years of experience in wealth management, asset management, and investment banking."

Gottstein also noted Ferrari's 17 years in executive roles at Credit Suisse across the Asia Pacific and EMEA regions.

Ferrari had worked for Credit Suisse from 2002 to 2018, during which he held several senior roles, including head of private banking APAC and  South East Asia and Frontier Markets.

Before that, he held the role of chief executive of private banking Italy after serving as chief operating officer for private banking EMEA.

"He will ensure an orderly implementation of the new business structure in his interim role as chief executive of the EMEA region," said Gottstein.

During his time at AMP, De Ferrari oversaw a portfolio of businesses ranging from life insurance to asset management products, pensions, and banking, as well as joint ventures across China and the US.

The news of De Ferrari's appointment comes as Swiss-based Credit Suisse makes a series of new hires in line with a new strategy to strengthen, simplify and invest for growth.