July 26, 2019 / 2:39 AM / a month ago

Credit Suisse appoints Deutsche Bank banker as new Australia head

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch in Winterthur, Switzerland November 2, 2017. REUTERS/Arnd Wiegmann/File Photo

SYDNEY (Reuters) - Credit Suisse (CSGN.S) appointed Deutsche Bank’s (DBKGn.DE) head of corporate finance in Asia Pacific, Richard Gibb, as new head of its Australian operations, the bank said on Friday.

Gibb’s departure from Deutsche Bank comes after Germany’s largest lender began laying off staff globally earlier this month, as part of a restructure that would reduce its headcount by 18,000.

Effective October, Gibb will head the Swiss bank’s business in Australia, including investment banking, capital markets, private banking and financing, Credit Suisse said in an emailed statement.

He will also focus on “maintaining a strong corporate governance framework and regulatory relationships in Australia,” the bank added.

Gibb will replace John Knox, a 24-year Credit Suisse veteran, who will depart the bank this year, it said. He will work with Gibbs to ensure a smooth leadership transition in the coming months, the bank added.

Earlier this month, the head of UBS (UBSG.S) in Australia and New Zealand, Matthew Grounds, also announced his departure from the Swiss bank at the end of the year.

Reporting by Paulina Duran and Sumeet Chatterjee; editing by Gopakumar Warrier

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