Credit Suisse rejigs its top management

CREDIT SUISSE has named Eric Varvel as its investment bank chief executive as part of an overhaul of the bank’s executive board.

Varvel, who was serving as the unit’s acting chief executive, will officially step into the role next week.

He assumed the role last September when it emerged that the investment unit’s chief Paul Callelo was being treated for cancer.

Callelo, who has been with Credit Suisse for more than 20 years will remain with the unit becoming chairman of the investment banking arm.

“Paul Calello demonstrated extraordinary leadership throughout the financial crisis during his term as CEO of the investment bank,” said chief executive Brady Dougan.

The changes are part of a massive overhaul of the executive board at the Zurich based bank, which includes three other large scale appointments.

Former Russian chief executive Fawzi Kyriakos-Saad will step into Varvel’s former post as chief executive of Europe, Middle East and Africa region, while Antonio Quintella, who currently leads the bank’s Brazilian arm, will become chief executive of the Americas.

Quintella succeeds Rob Shafir, who will now become chief executive of asset management.

“These appointments will further strengthen our executive team and will help to drive our strategy as a global bank,” said the bank’s chairman Hans-Ulrich Doerig.


ERIC VARVEL’s latest appointment is a key milestone in his career with Credit Suisse.

Having joined from investment banking giant Morgan Stanley, where he was an analyst, Varvel has held a number of global roles within Credit Suisse.

His latest appointment as investment bank chief executive officer is a major event in the 20 years that he has spent with the Zurich based bank.

He spent 15 years working for the bank in its Asia Pacific region, holding posts in the Tokyo, Jakarta and Singapore offices.

Varvel was appointed into his most recent role as chief executive officer of the Europe, Middle East and Africa two years ago and was previously co-head of the global investment bank for over three years in New York.

But Varvel has been sitting at the top of the investment banking arm of Credit Suisse since last fall as acting chief executive officer.

He took over from Paul Callelo who stepped down for health reasons last September. Varvel will remain in New York when he officially takes over next month.

Varvel holds a BA in Business Finance from Brigham Young University, Utah.

Emma Sadowski