Credit Suisse Group has appointed David Miller to succeed James Amine as head of its investment banking and capital markets unit as the business struggles with profitability, reported Bloomberg.
Miller, a 22-year Credit Suisse veteran, will also join the executive board. The moves come after the division swung to a second quarterly loss this year and the Asian trading business also reported a loss. While surprising profit gains at the bank’s global markets division helped group profit increase in the third quarter, leading the bank gave a downbeat outlook for the rest of the year.
Eric Varvel was appointed the Chairman of the Investment and Capital Markets unit and Harold Bogle will be the division’s vice chairman.