Credit Suisse, Switzerland's second-largest bank, is the latest major institution to fall in the banking crisis triggered by failures of the Silicon Valley Bank and Signature Bank in the United States. It will be taken over by rival UBS for $3.2 billion in an effort to assuage fear in markets.
The UBS deal came about after weekend meetings involving teams that report to Dixit Joshi, the chief financial officer of Credit Suisse, CNBC reported.
Also read: UBS takeover of Credit Suisse and Swiss government's 100-billion franc backstop should contain the chaos
Joshi had taken over as the CFO in October 2022, replacing David Mathers. Here are some facts about his professional and educational history:
- Before Credit Suisse, Joshi served as the Group Treasurer of Deutsche Bank for five years. He played an important role in the bank's reorganisation, helping stabilise it amid investor mistrust and credit rating downgrades.
- In a career spanning three decades, he held several other senior investment banking positions, working in several locations and contributing to the management of numerous businesses as well as challenging transformation initiatives.
- Joshi studied at the University of the Witwatersrand, South Africa, graduating with a Bachelor of Science degree in Actuarial Science and Statistics.
- His first job was at the Standard Bank of South Africa in 1992.
- Between 1995 and 2003, he worked at Credit Suisse in New York and London. Later, he would have stints with Barclays Capital, Deutsche Bank and Pratham -- a UK-based charity that works for education in India.