Outgoing Bank of Ireland group CEO Francesca McDonagh has been appointed chief operating officer at Credit Suisse.
McDonagh will join the Swiss investment bank in mid-September, having previously been announced as CEO of the EMEA region.
This role will now be filled by Credit Suisse's CEO of wealth management, Francesco De Ferrari, who has held the position on an interim basis since January.
In her new role, McDonagh will be based in Zurich and report directly to new group CEO Ulrich Körner.
Prior to being appointed CEO of Bank of Ireland in 2017, she held several senior management positions at HSBC.
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Credit Suisse said McDonagh will also lead its enterprise architecture development, focusing on organisational design and bank-wide efficiencies.
McDonagh has in recent weeks called for caps on banker pay in Ireland to be lifted, arguing that the banking sector has struggle to attract and retain talent.
She said earlier this month that the bank had made a submission to the Department of Finance's retail banking review calling for the €500,000 cap and ban on bonuses to be rescinded, with Bank of Ireland set to return to full private ownership by the end of the year.
Credit Suisse also announced the appointment of Deutsche Bank group treasurer Dixit Joshi as chief financial officer, and both McDonagh and Joshi will join the bank's executive board.
Michael J Rongetti has been named as ad interim CEO of the bank's asset management division, and CEO of wealth management.
"I would like to welcome Dixit and Francesca to Credit Suisse, while congratulating Michael and Michael on taking their respective new roles," Körner said.
"They all join with extensive professional experience and a profound knowledge of the financial services industry, as we accelerate our efforts to make Credit Suisse a stronger, simpler and more efficient group with more sustainable returns.
Credit Suisse reported a €1.6bn Swiss franc (€1.7bn) loss for the second quarter amid continued troubles in its investment banking division, leading former CEO Thomas Gottstein to resign.
The bank blamed geopolitical uncertainty, tightening monetary policy, client risk aversion and legal costs for its losses.
Photo: Francesca McDonagh in 2019. (Pic: Eamonn Farrell/RollingNews.ie)
