Credit Suisse has announced a change at the top. Chief Executive Brady Dougan is stepping down in June and being replaced by the head of British insurer Prudential, Tidjiane Thiam.
He has been charged with driving the Swiss bank’s push into wealth management in emerging markets.
Thiam has been Prudential chief since 2009 and has overseen its share price rise more than 200 percent in the past five years.
A former government minister in Ivory Coast and a partner at consulting firm McKinsey & Co, Thiam become the first black CEO of a FTSE 100 company when he moved to the top job at Prudential from insurer Aviva AV.L, but has not run a bank.
Shares in the Zurich-based Swiss bank surged as much as nine percent on news the management change.