Credit Suisse Group AG appoints Dixit Joshi as CFO to replace David Mathers

Dixit Joshi to be new CFO of Credit Suisse Group AG

Leading investment and financial services bank Credit Suisse Group AG has appointed Dixit Joshi as its chief financial officer (CFO). Joshi, who replaces  David Mathers, will begin his new assignment on October 1. Mathers has decided to step down as Credit Suisse prepares for a broad shakeup after a string of losses.

In another top management reshuffle, Francesca McDonagh has been appointed as Credit Suisse's group chief operating officer (COO) from September 19. The reshuffles come after the appointment of Ulrich Koerner as chief executive last month.

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It also appointed Michael J. Rongetti as ad interim chief executive officer of the asset management division and said in a statement all three would report to Koerner.

“Dixit has an impressive turnaround track-record, with a broad experience across a range of investment-banking businesses, which will be invaluable on our journey in transforming the investment bank into a highly competitive banking and more sustainable markets business that complements wealth management and the Swiss bank,” Koerner said in a statement Monday.

Francesco De Ferrari, who remains head of the Wealth Management division, is also appointed CEO of the Europe, Middle East and Africa (EMEA) region after serving in this role on an ad interim basis since January, the bank said.

Switzerland's second-biggest bank is trying to get back on track after a string of scandals and losses. Its new CEO Koerner- the bank's fourth CEO since 2015, is expected to scale back investment banking and cut costs.

The Swiss lender has vowed fundamental changes to the investment bank, and executives are discussing scrapping thousands of jobs as part of a plan to cut $1 billion in costs, Bloomberg reported.