Seven executives working for Credit Suisse in Israel, including the CEO, Joseph Wolf, are now moving to a Swiss private bank, EFG International, Reuters reported on Tuesday, citing anonymous sources. Wolf, who joined Credit Suisse (CS) Israel in April last year, will lead the team to build a new wealth management advisory business for EFG in the Western Asian country.

Credit Suisse Israel Sees Execs Exit

According to Reuters, Joseph Dadoun, Credit Suisse’s Head of Private Banking in Israel, is also one of the executives making the move to EFG. Dadoun joined the former Swiss lender in November 2018 as a Senior Relationship Manager. The executives resigned from their jobs in early June and are expected to take up the roles in early September, the outlet added.

Both moves occurred as the rival lender UBS recently completed its acquisition of the troubled Credit Suisse, creating a Swiss banking giant with a balance sheet of $1.6 trillion and a workforce of 120,000. Following the completion of the acquisition , Sergio Ermotti, the CEO of UBS Group AG, suggested that Credit Suisse’s investment banking division might be hit with massive job cuts, Finance Magnatesreported.

However, one of the sources told Reuters that no staff members at Credit Suisse Israel were dismissed. The source, however, pointed out that the merger of UBS and Credit Suisse has created overlaps in specific regions, including Israel, where the bank is present.

Leadership Changes

Meanwhile, the takeover of Credit Suisse led to the departure of several of the former banking giant’s top executives, including Dixit Joshi, the Chief Financial Officer, and David Miller, the Global Head of Investment Banking and Capital Markets.

Some of the executives that were retained include Francesco de Ferrari, the former Head of Wealth Management, and Joanne Hannaford, the former Chief Technology Officer. While de Ferrari was appointed as an adviser to Iqbal Khan, UBS’s Head of Private Banking, Hannaford was recruited as the Head of Technology for UBS’ Wealth Management unit in the United States.

According to Bloomberg, executives from Credit Suisse only make up a fifth of the new leadership of the merged bank.

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