Josef Ackermann takes over as president of Credit Suisse at a critical moment. Credit Suisse and Switzerland's other big banks have been faced with having to strengthen operations at home while expanding globally. In the United States, Credit Suisse, like other foreign banks, has had to reevaluate a strategy based on lending to Fortune 500 companies. This business has become less profitable, but Mr. Ackermann, in a recent interview, said lending remains a key to generating other business opportunities in the United States.
At the age of 45, Mr. Ackermann is one of the youngest bankers to be named president of Credit Suisse and a member of the executive board of its parent company, CS Holding.