Credit Suisse, a global investment bank based in Switzerland, has today announced the appointment of a senior adviser at Oliver Wyman, Michael Bonacker, as the bank’s Vice Chairman of Investment Banking and Capital Markets. The hire is important as Bonacker is expected to help the investment bank to bolster its links with financial services clients in Europe.
The Swiss bank has hired Bonacker in the Frankfurt-based role. Additionally, he will become a member of the Client Advisory Group, as part of its efforts to strengthen Credit Suisse’s investment banking franchise. Bonacker will report to David Wah, the Co-Head of Global Banking, and Frank Heitmann, the CEO of Credit Suisse for Germany. His role will focus on acquisitions of financial institutional clients mainly in Switzerland, Germany, Austria and Northern Europe.
Prior to joining Credit Suisse, Bonacker worked at the consultant, Oliver Wyman as a Global Senior Advisor. Before that, he worked at UBS, a Swiss investment bank, for four years as Head of Corporate Development. Before taking on the UBS role, Bonacker served as the Head of Asset Management and Corporate Banking at BHF bank based in Frankfurt. In addition, he held various roles in multiple financial institutions including Commerzbank, McKinsey, Deutsche Bank, Lehman Brothers and Nomura.
Rebuilding Trust in Business
Michael Bonacker is the latest hire to join Credit Suisse as it attempts to rebuild its business after the Swiss bank suffered a series of scandals and has embarked on a recent leadership overhaul. Credit Suisse is currently expected to face a class-action lawsuit brought by US investors for forex rigging. Besides that, Swiss federal prosecutors are seeking about 42.4 million Swiss francs ($45 million) in penalties from Credit Suisse for its involvement in serious anti-money laundering breaches. Apart from that, last month, Credit Suisse Group announced a new management structure to enable the investment bank to spearhead its growth and revamp its business areas for Europe and Latin America.
