Zurich-headquartered Credit Suisse will be taken over by its rival UBS for $3.2 billion. It is the latest major bank to collapse after the failures of Silicon Valley Bank and Signature Bank in the United States.
Dixit Joshi will take over from David Mathers, and will assume office from October 1. Earlier, he had played a crucial role in stabilising Deutsche Bank during its struggles with investor mistrust and credit rating downgrades. These are the same challenges Credit Suisse is facing now.
In another top management reshuffle, Francesca McDonagh has been appointed as group chief operating officer (COO) from September 19
Global economy is on firmer ground and Dixit Joshi of Deutsche Bank expects GDP growth of 3.4 percent in 2017. However, currency volatility will be a key risk, Joshi told CNBC-TV18‘s Shereen Bhan at the Davos Summit.
On the sidelines of the World Economic Forum held in Davos, speaking with Menaka Doshi of CNBC-TV18, Joshi said that the uncertainties over China‘s economic and forex policy spilled into markets and caused an over-reaction.
Dixit sees healthy competition among states in the coming days now that they have greater autonomy over funds. This should augur well for the economy as a whole.
Foreign investors of late have been wary of putting money into India. But this trend will change in the second half of 2011, says a confident Dixit Joshi, co-head of Asia equities at Deutsche Bank. He sees the flows returning to Asia and India in the second half of this calendar year on the back of controlled inflation.