By Mauro Orru

Credit Suisse Group AG said it has named Burkhard Varnholt as global chief investment officer and chairman of the investment committee to succeed Michael Strobaek, who opted to pursue a new opportunity outside Credit Suisse.

The troubled Swiss bank said Thursday that Mr. Varnholt, who has served as deputy global chief investment officer and vice-chairman of the investment committee since 2016, would replace Mr. Strobaek from May 8.

Mr. Varnholt will report to Francesco De Ferrari, chief executive of wealth management, and join the management committee of the wealth management division.

Credit Suisse has seen years of financial and reputational missteps that led to substantial customer outflows in recent months. Those withdrawals accelerated when the collapse of Silicon Valley Bank focused attention on the weakest links among global banks.

UBS Group AG recently agreed to take over Credit Suisse for $3.2 billion, a move endorsed by Swiss regulators who sought to avert further damage to the banking system.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

April 27, 2023 09:01 ET (13:01 GMT)

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