Credit Suisse appoints new CFO, AGM looms

Credit Suisse is to replace its Chief Financial Officer Renato Fassbind, one of the architects of the bank's integrated business model, with insider David Mathers. Switzerland's second largest bank, set to come under fire over executive bonuses at its annual meeting later on Friday, said Fassbind would step down in October.

Mathers, born in 1965 and a former head of European equity research who joined Credit Suisse from HSBC in 1998, is currently chief operating officer and head of finance of the Swiss bank's investment banking division. Fassbind, ten years older than Mathers, joined Credit Suisse in 2004 under former Chief Executive Oswald Gruebel, a turnaround guru who took the helm of crisis-hit rival UBS last year. Fassbind will remain at Credit Suisse as a senior adviser, the bank said in a statement.