Credit Suisse Group AG, Switzerland's biggest bank by market value, named Boon Sim global head of mergers and acquisitions, in a shake-up after advisory revenue fell faster than rivals.

Sim, 47, will be replaced as head of U.S. mergers by Andrew Lipsky, the bank said in an internal memo Monday.

Giuseppe Monarchi will replace David Livingstone as head of European M&A.

Livingstone, 46, will return to his native Australia as chief executive of Credit Suisse Australia.

The contents of the document were confirmed by a Credit Suisse spokeswoman.

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