Investment banking: Credit Suisse management changes put focus on emerging markets
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Investment banking: Credit Suisse management changes put focus on emerging markets

Varvel becomes CEO as Calello steps up to chairman; Kyriakos-Saad and Quintella get bigger regional roles.

Credit Suisse showed how emerging markets will lie at the heart of its growth strategy over the coming years as it reshuffled the management pack in its investment banking division.

Credit Suisse has been particularly successful across the main emerging markets in recent years. It tops the fee league tables for emerging market M&A and equity capital markets, and also has a top-tier debt franchise. Credit Suisse insiders say that between 25% and 30% of its revenues each quarter come from the emerging markets. For most other global firms, that figure would be closer to 10% to 15%.

Paul Calello, who oversaw Credit Suisse’s transition into a client-focused, capital efficient investment bank during the financial crisis, steps up to become chairman of the business. In this role he will be able to focus on client relationships, keep a strategic overview of the business and engage with regulators, particularly in the US, where he has maintained strong relationships since his days working for the Federal Reserve Board.

Eric Varvel, who has been acting CEO of the investment bank since last summer, when Calello was taken ill, now takes on the role full time. Varvel is an emerging markets specialist: he spent 15 years in Asia, where he was head of investment banking for Asia as well as responsible for setting up Credit Suisse’s leading banking and markets business in Indonesia, before relocating to London to be CEO of EMEA in 2008.

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