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Former Bank of Ireland chief executive Francesca McDonagh is to resign from her role at Credit Suisse in the biggest move since UBS completed its takeover of the troubled rival in June One of the resignations.
McDonald, who joined Credit Suisse as chief operating officer a year ago, missed out on a key position at UBS this summer.
Her exit was announced on Monday morning in an internal memo seen by the Financial Times. She has agreed to join another unnamed company as chief executive, a position that will begin in January, the people added.
The Financial Times reported last month that she was in early consideration to become NatWest’s chief executive following the departure of Alison Rose. NatWest announced last week that it had appointed former Mastercard boss Rick Haythornthwaite as chairman, who will lead the process of recruiting a chief executive when he takes over in January.
Macdonald was initially responsible for Europe, the Middle East and Africa at Credit Suisse, but was promoted to chief operating officer before starting.
In this role, she was responsible for launching an extensive cost reduction program at the bank. After UBS agreed to rescue Credit Suisse in March, she oversaw preparations for the bank’s consolidation in preparation for the deal to close in June.
Credit Suisse Chief Executive Ulrich Körner wrote in a staff memo on Monday: “I am deeply grateful for her leadership, partnership, focus and the work she has done during a period of great challenge and change. The energy that the executive board brings.”
Credit Suisse will operate as an independent subsidiary within UBS until the two companies legally merge next year, at which time Credit Suisse clients will be transferred to UBS.
McDonald announced her unexpected departure last year after five years as chief executive of Bank of Ireland, the country’s largest lender.
She has been critical of Ireland’s cap on bank executive pay, which was introduced in the wake of the financial crisis when the country’s two largest banks, including the Bank of England, were bailed out by the government.
Within hours of the June deal closing, UBS Group AG announced that five senior Credit Suisse executives would be leaving, including Chief Financial Officer Dixit Joshi, General Counsel Marcus Diesel Markus Diethelm, Asia Pacific head Edwin Low and co-managing director David Miller. Ken Pang, head of investment banking and co-head of markets.
The integration of UBS and Credit Suisse is expected to result in thousands of job cuts, including 3,000 job cuts announced in Switzerland.
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