Credit Suisse says Americas boss to step down

Monday 28 May 2012

Credit Suisse says Americas boss to step down

By Katharina Bart

ZURICH | Fri May 11, 2012 1:39pm EDT

(Reuters) - Credit Suisse (CSGN.VX) on Friday said its Americas head Antonio Quintella would leave the Swiss bank's management board at the end of the month and move to Sao Paulo as chairman of its Hedging-Griffo unit.

In his new role, Quintella will report to his successor, Robert Shafir - who adds the Americas head role to his current one as head of Credit Suisse's asset-management unit - and to overall private banking head Hans-Ulrich Meister.

Shafir was Credit Suisse's top earner last year, with 8.5 million francs for running the asset management arm, which posted a 10 percent rise in pretax profit on the year.

The move is the second big change in top management following the exit of information technology chief Karl Landert two weeks ago.

Credit Suisse acquired a majority stake in Brazil-based asset manager Hedging-Griffo in 2007.

Quintella's new job as chairman of the unit - in private banking and asset management often largely a symbolic role - is something of a change of pace from 2010, when the bank paid him 15.6 million Swiss francs after promoting him in a management shake-up.

"As the former CEO of Brazil and CEO of Credit Suisse Americas, Antonio Quintella is ideally qualified to further develop Credit Suisse's wealth management business and to deliver the integrated bank to clients in one of our most dynamic growth markets," the bank said in a statement.

A Credit Suisse spokesman didn't comment when asked whether the management moves were linked to an ongoing U.S. investigation into 11 Swiss banks including Credit Suisse suspected of helping wealthy Americans dodge taxes through hidden offshore accounts in Switzerland.

A global crackdown on tax evasion by cash-strapped governments in recent years has chipped away at Switzerland's tradition of banking secrecy, which helped it build up a $2 trillion offshore wealth management industry.

Switzerland wants the investigations dropped, in exchange for payment of fines and the transfer of names of thousands of U.S. bank clients. It also wants a deal to shield the remainder of its 300 or so banks from U.S. prosecution.

(Reporting By Katharina Bart; Editing by Will Waterman)

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