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Credit Suisse international wealth management boss Khan exits

Credit Suisse international wealth management boss Khan exits
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(Reuters) – Credit Suisse Group AG <CSGN.S> wealth management boss Iqbal Khan is leaving to pursue other opportunities, the latest in a series of high-profile executive moves within the second-biggest Swiss bank under Chief Executive Tidjane Thiam.

Khan, who sources have said is a candidate for the top job at rival private bank Julius Baer <BAER.S>, will be replaced by the international wealth management (IWM) division’s chief financial officer, Philipp Wehle.

Wehle, a Credit Suisse veteran and former German military intelligence officer who has held a number of roles at the bank since joining in 2005, was also appointed a member of the executive board, the bank said in a statement late on Monday.

Thiam — who has cut some 1,600 jobs, focussed on wealth management and settled legal cases that had plagued predecessors — has been reshuffling leadership including naming a new chief risk officer in February. Thiam wished Khan well on his career beyond Credit Suisse, without giving specifics.

“Under his leadership, IWM has delivered strong financial results, while enhancing our client franchise and achieving industry leading growth over the period,” Thiam said in a statement. “I thank Iqbal for the strong results he delivered.”

Sources told Reuters in March that Zurich-based Julius Baer is considering Khan as a possible successor to Chief Executive Bernhard Hodler. Baer declined to comment on Tuesday, while Credit Suisse did not immediately return phone calls.

(Reporting by Rama Venkat in Bengaluru and John Miller in Zurich; Editing by Sandra Maler)

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