Credit Suisse’s UK senior team has undergone yet more changes, following a flurry of senior leavers.
thewealthnet understands current managing director Rusty Elvidge has resigned from his role.
Mr Elvidge has been at the firm for over 27 years and has been a managing director in the private bank since 2010.
There has also been a new joiner at Credit Suisse.
Giovanni Revedin di San Martino started as a managing director earlier this week (01/08/2022), working in the UK ultra-high net worth team.
He joined the Swiss bank from Saranac Partners, where he was a partner since the boutique wealth manager was founded in 2016.
Before this, he was a managing director at JP Morgan for over 10 years.
Saranac Partners has also had a number of senior departures. It does not currently have a chief executive after Tanvi Davda stepped down in May 2021.
Additionally, last week (26/07/2022) its chairman – Robert Elliott announced he was leaving his role. He will be replaced by Richard Berliand on an interim basis.
Mr Elvidge marks the latest senior departure from Credit Suisse’s UK team.
Last week (29/07/2022) thewealthnet revealed Kaan Karakasli - who was previously a vice president in Credit Suisse’s London team for over six years- had left to join Lombard Odier as a director.
In June, director Sarah Macdonald left to joins Coutts as an executive director, while former vice president Paul Whelan has now joined Berenberg as a private banker in its UK wealth and asset management team.
Additionally, William Ladenburg, a former Credit Suisse private banking director, has joined Mirabaud as a director.
Credit Suisse’s troubles are not limited to the UK either.
(27/07/2022), the Swiss bank appointed Ulrich Körner as chief executive, replacing Thomas Gottstein who said he is stepping down for “personal and health-related” reasons.
However, media reports in May suggested major shareholder Artisan Partners called on Credit Suisse to replace Mr Gottstein.
Artisan's managing director David Samra told Reuters: “If you sit down and look at what's happened under (Mr Gottstein's) leadership, I think it's pretty obvious that it has not gone well. And there is no reason why someone like that should sensibly stay in their role.”
In March, Credit Suisse announced it expected to face a $500 million fine from a Bermuda court following a judgement against a local life insurance subsidiary of Credit Suisse AG, Credit Suisse Life Bermuda.
Credit Suisse’s scandals date back earlier this year when its chairman, António Horta-Osório, resigned with immediate effect following an internal probe which revealed a breach in Covid-19 restrictions as well as plans to spy on employees.
