A top executive has quit his job at beleaguered bank Credit Suisse for Citigroup just nine months after being made co-head of global banking.
Jens Welter ended his 27-year career with the Swiss bank where he became a top adviser, and will join Citi as the new co-head of European investment banking. He will also chai its consumer and retail advisory business, according to the FT.
This comes as Credit Suisse looks to restructure its investment bank after a number of scandals, and over 50 top officials leaving last year.
Welter was called “one of the best consumer bankers around” by Citi’s global co-head of investment banking, who added “we don’t usually do a move like this”, Manolo Falco, told the Financial Times.
Welter will join Citi after three months of ‘gardening leave’, revealed in an email, which announced David Was would become sole global head of banking.
According to Reuters, in a separate memo, its global head of global credit products, Daniel McCarthy, had also decided to leave after 15 years at the bank .