Credit Suisse, a Switzerland-based global investment bank, has appointed Aurélien Gleyze, its former Director and Co-Head of Electronic Macro Trading, as its Head of FX Spot for Europe, Middle East and Africa (EMEA).

The new role comes after Gleyze spent over two years in the former appointment.

The executive, who announced his new position on Friday through LinkedIn, joined Credit Suisse in June 2014 as a Fixed Income Summer Analyst. Later, he would serve as the Vice President of Electronic FX and Precious Metals Trading over the course of the next six years before becoming a Director in November 2020.

Credit Suisse Starts Job Cuts amidst Poor Finances

Gleyze’s appointment comes days after reports emerged that the Swiss banking giant may diminish its European investment banking team by over 10%. In October last year, the firm disclosed plans to lay off approximately 9,000 employees over the next three years.

Additionally, Credit Suisse is battling the departure of several of its senior executives. At the start of the month, Cathal Deasy, the company’s Co-Head of Investment Banking and Capital Markets (IBCM) in Europe, resigned from her position.

Watch this recent FMLS22 session on constructing collaboration between fintech and banks.

The investment banking industry is generally fighting off tough economic conditions, with global investment banking giant Goldman Sachs Group cutting out 3,200 positions recently to reduce its operating costs. However, Credit Suisse is facing more heat as the institution struggles to recover from several scandals and lawsuits that have been trailing it over the years, including a massive data leak in early 2022.

The Swiss investment banking giant, which is planning a “radical restructure” of its business, posted heavy losses in its third quarter 2022 financial statements, with the figures reaching $4.99 billion. In late November, the company disclosed that it was expecting to end the fourth quarter with a pre-tax loss of up to CHF 1.5 billion ($1.58 billion).

However, the company recently said it was taking measures to boost its finances, including raising CHF 4 billion ($4.01 billion) from its investors and focusing on its wealth management business.