Press Release

Brian Chin to succeed Timothy O’Hara as CEO of Global Markets. Eric M. Varvel appointed President and CEO of Credit Suisse Holdings (USA), Inc. the bank’s recently designated Intermediate Holding Company (IHC)

Credit Suisse Group announced today that Tim O’Hara will be succeeded by Brian Chin, currently Co-Head of Credit, as CEO of Global Markets. Brian will join the Executive Board of Credit Suisse Group AG. The bank also announced that Eric Varvel is appointed President and CEO of Credit Suisse Holdings (USA), Inc., in addition to his current responsibilities as Global Head of Asset Management. These changes are effective immediately.

Urs Rohner, Chairman of the Board of Credit Suisse said: “Tim O’Hara has been instrumental in driving the successful restructuring of the Global Markets division in a challenging market and regulatory environment. We greatly appreciate Tim’s excellent contribution to the firm during his long tenure at Credit Suisse.”

“We are very pleased that Brian Chin will become CEO of Global Markets and join the Executive Board of the bank. He is a proven business leader and provides continued strong experience and deep knowledge of Global Markets. Eric Varvel will provide critical continuity at Credit Suisse Holdings (USA), Inc., with his extensive background in investment banking and his proven leadership skills in various key roles as a former member of the Executive Board.”

Tidjane Thiam, CEO of Credit Suisse said: “I am grateful to Tim O’Hara for his leadership, management and commitment to Credit Suisse over many years. Since joining the bank in 1986, Tim has excelled in a number of senior roles across Fixed Income and Equities. He has contributed enormously to the development of our Global Markets franchise, establishing market leading positions in many of our core products and services which he managed. I am especially thankful to Tim for steering Global Markets through its recent accelerated restructuring program, returning the division to profitability in Q2 and ensuring that some of the positive momentum of the division in Q2 has continued over the summer months.”

“I am excited to welcome Brian Chin to the Executive Board and I congratulate him on his new responsibilities as CEO of Global Markets. Since joining the bank in 2003, Brian has been one of our strongest risk managers and has been an integral part in developing the strength of our Global Markets franchise. In addition, he is an exceptional leader and culture carrier for the firm. He is well positioned to take Global Markets to the next stage in its development.”

“I welcome Eric Varvel to the role of President and CEO of Credit Suisse Holdings (USA), Inc. Eric is one of the firm’s most accomplished professionals, adding considerable experience and expertise to the role. Over his 25-year career at Credit Suisse, Eric has held a number of senior positions including: CEO of Asia Pacific, CEO of the Investment Bank, and CEO of Europe, Middle East and Africa. He also served on the Executive Board for six years from February 2008 to October 2014. Eric will continue to lead our Global Asset Management activities in addition to this new role. I look to Eric to provide our bank with leadership, insight, governance and accountability as we develop our franchise in the United States, maximize its potential and deliver significant value to our clients."

“I am confident that these management changes that I have proposed and that have been approved by the Board of Directors of Credit Suisse Group AG will drive a continued improvement in the performance of our bank."