Eric Varvel appointed Global Head of Asset Management at Credit Suisse

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Eric Varvel appointed Global Head of Asset Management at Credit Suisse

Credit Suisse today announced that Eric Varvel will join the International Wealth Management division as Global Head of Asset Management, effective June 1, 2016. He will report to Iqbal Khan, CEO International Wealth Management, and has more than 25 years of experience at Credit Suisse.

Zurich
10.05.2016

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Eric Varvel will join the International Wealth Management (IWM) division as Global Head of Asset Management, effective June 1, 2016, succeeding Bob Jain. He will report to Iqbal Khan, CEO of International Wealth Management, and he will be a member of IWM’s Management Committee. Eric Varvel will be based in New York and spend a significant portion of his time in Switzerland and in various emerging markets, including in the Asia Pacific region, to drive forward the further development of our global Asset Management franchise.

Iqbal Khan, CEO of International Wealth Management, commented: “We are delighted to have such an accomplished senior leader to head our Asset Management business and look forward to working with him in this capacity. We are confident that his global experience, track record and expertise will significantly contribute to the further development of our Asset Management franchise and to the achievement of our ambitious goals. Eric’s strong relationships with many strategic clients will be a great benefit not only to the Asset Management business, but also to the IWM division overall.”

Global Asset Management has a strong US-based Alternative Investments footprint, combined with a leading Swiss-based Core Investments business and a solid foundation in emerging markets. Eric Varvel will be instrumental in growing our Alternative Investments franchise, fostering the partnership with the Swiss Universal Bank to further strengthen our position in Switzerland and accelerating the business’ growth in emerging markets and Europe.

Eric Varvel has more than 25 years of experience at Credit Suisse. He served as a member of the Executive Board from February 2008 to October 2014. During this period, he held senior roles including CEO of the Investment Bank, and CEO of the Asia Pacific and Europe, the Middle East and Africa. Prior to his appointment to the Executive Board, he was the Co-Head of the global Investment Banking division, where he was based in New York. Before that, Eric Varvel spent 15 years building Credit Suisse's footprint in the Asia Pacific region in a variety of senior roles, including Head of Investment Banking, Head of Emerging Markets Coverage and Head of Fixed Income Sales and Corporate Derivative Sales. During that time, he was based in Tokyo, Jakarta and Singapore. Most recently, Eric Varvel served as Chairman of the Emerging Markets and Sovereign Wealth Funds and a senior advisor to the CEO.

Credit Suisse AG

Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 47,760 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Cautionary statement regarding forward-looking information

This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:

–     our plans, objectives or goals;
–     our future economic performance or prospects;
–     the potential effect on our future performance of certain contingencies; and
–     assumptions underlying any such statements.

Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking

statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:

–     the ability to maintain sufficient liquidity and access capital markets;
–     market volatility and interest rate fluctuations and developments affecting interest rate levels;
–     the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of continued slow economic recovery or downturn in the US or other developed countries in 2016 and beyond;
–     the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets;
–     adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures;
–     the ability to achieve our strategic objectives, including improved performance, reduced risks, lower costs, and more efficient use of capital;
–     the ability of counterparties to meet their obligations to us;
–     the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies, as well as currency fluctuations;
–     political and social developments, including war, civil unrest or terrorist activity;
–     the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
–     operational factors such as systems failure, human error, or the failure to implement procedures properly;
–     actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and policies in countries in which we conduct our operations;
–     the effects of changes in laws, regulations or accounting policies or practices in countries in which we conduct our operations;
–     competition or changes in our competitive position in geographic and business areas in which we conduct our operations;
–     the ability to retain and recruit qualified personnel;
–     the ability to maintain our reputation and promote our brand;
–     the ability to increase market share and control expenses;
–     technological changes;
–     the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
–     acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets;
–     the adverse resolution of litigation, regulatory proceedings, and other contingencies;
–     the ability to achieve our cost efficiency goals and cost targets; and
–     our success at managing the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk factors” in chapter I – Information on the company in our Annual Report 2015.

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Eric Varvel appointed Global Head of Asset Management at Credit Suisse

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