Credit Suisse Group on Monday appointed Dixit Joshi as chief financial officer and Francesca McDonagh as group chief operating officer.

Both Joshi and McDonagh will join the management board and report directly to Group CEO Ulrich Körner, as the second largest bank in Switzerland announced in a statement.

Dixit Joshi returns to Credit Suisse and will assume the role of CFO on October 1, 2022. He will replace David Mathers, who has decided to step down after more than 11 years in the role.

For the past five years, Dixit Joshi has served as Group Treasurer at Deutsche Bank, where he played a key role in the bank’s restructuring while overhauling the company’s balance sheet.

During his career spanning three decades, he has held various senior investment banking positions in various geographies and has helped oversee a range of corporate and complex transformation projects. Previously, Dixit Joshi was Head of Fixed-Income Institutional Client Group, Listed Derivatives and Markets Clearing at Deutsche Bank, as well as Head of Global Prime Finance and Head of APAC Equities in Hong Kong.

Before joining Deutsche Bank in 2011, Dixit Joshi held senior positions at Barclays Capital. Between 1995 and 2003 he worked for Credit Suisse in New York and London, having started his career in 1992 at Standard Bank of South Africa. Dixit Joshi holds a Bachelor of Science in Actuarial Science and Statistics from the University of Witwatersrand, South Africa. He will be stationed in Zurich.

“Dixit has an impressive turnaround track record with a breadth of experience across a range of investment banking businesses which will be invaluable on our journey to transform the investment bank into a highly competitive banking business and one with more sustainable markets that complements wealth management will be at the Swiss bank,” says Ulrich Körner, Group CEO.

In addition, effective immediately, Michael J. Rongetti will assume the role of Chief Executive Officer of the Asset Management Division on an ad interim basis, replacing Ulrich Körner, who has been appointed Group CEO. Additionally, he will continue to serve as Head of Asset Management Americas and Global Head of Investments and Partnerships. Previously, Michael J. Rongetti was CFO of the Asset Management Division (2012 to 2021) and CFO of Private Banking Wealth Management Products (2013 to 2015).