Cathal Deasy, the Co-Head of Investment Banking and Capital Markets (IBCM) in Europe, the Middle East and Africa (EMEA) at Credit Suisse, has left her role at the Switzerland-based global investment bank, Financial News reports. Deasy is leaving the role months after he was appointed into the joint position in September last year.

The senior executive’s departure comes at a period when many top executives have departed from the bank following the impact of the collapse of the family office Archegos Capital on the firm. In addition, her exit coincides with the bank rebranding its investment bank into a wealth management business.

Credit Suisse Makes New Appointments

Until the exit, Deasy was Credit Suisse’s Global Co-Head of Merger and Acquisition (M&A). However, his departure means that Giuseppe Monarchi is now the sole head of the IBCM unit in EMEA while Steven Geller is the only Global Head for M&A.

Meanwhile, Credit Suisse has appointed William Mansfield, the Head of EMEA Customer and Retail M&A, to take up Deasy’s role as the Head of M&A, EMEA, Reuters reports. Additionally, the global company has hired Gen Oba, a Senior Banker at Credit Agricole in France, as its new Co-Head of IBCM in France, Belgium and Luxembourg.

Credit Suisse Battles Crises and Losses

For a number of years, Credit Suisse has faced several scandals that have made business difficult. This includes the $5.5 billion loss it recorded in connection with the failure of Archegos.

Recently, the bank settled to pay $495 million in relation to its residential mortgage-backed securities business carried out during the period of the 2007-2008 financial crisis. On top of that, it recently agreed to pay $234 million to French prosecutors to settle a money laundering and tax fraud case.

As a result of these crises, the bank has recently disclosed plans to raise $4 billion as part of a “radical restructure” of its business. Moreover, last year the bank declared that it intends to lay off 9,000 employees as part of the plan.

Meanwhile, in late November last year, Credit Suisse revealed that it expects to end the fourth quarter of the year with a pre-tax loss of about $1.58 billion, continuing the quarterly losses it recorded in 2022.