Credit Suisse Group said that Michael Klein is expected to become chief executive of the spun-out First Boston unit, as a result of the radical restructuring of the Swiss lender's investment bank.
"It is anticipated that Klein will be appointed CEO designate of CS First Boston, joining in 2023 and pending regulatory approvals," Credit Suisse said in a statement Thursday. Current head of the investment bank unit Christian Meissner is to leave the firm, the bank said.
The Zurich-based bank is downsizing its troubled investment bank after multiple losses, creating a new capital markets and advisory bank under the legacy First Boston brand as part. The lender said David Miller, currently global head of investment banking, will continue in that role to support the establishment of the new entity.
The bank also appointed Mike J. Ebert and Ken Pang as co-heads of the markets business from Nov. 1. Louise Kitchen has been named as head of the capital release unit.
Meissner, an Austrian citizen, was initially hired by Credit Suisse in October 2020 to co-run a newly created group connecting clients of the wealth management unit with investment-banking services. He became Credit Suisse's investment bank chief in 2021 in the wake of the multibillion-dollar hit from the collapse of Archegos Capital Management.
