As new Credit Suisse chairman António Horta-Osório puts his feet under the table in his new post, he’s beefing up his management team, and doing so with a big gun from HSBC.
Jessica Kaffren, former Managing Director and COO of HSBC’s wholesale business in Europe, is leaving Canary Wharf in London and migrating to Zurich. Kaffren becomes COO of the Horta-Osório office according to his LinkedIn profile.
She should already know about it: Kaffren worked at Credit Suisse for 11 years before joining HSBC in 2016, nine of them in Zurich. She started her CS career in structured product sales in London, before becoming an associate and VP M&A, then chief of staff to the group CFO and finally head of the chief of staff team before moving to HSBC. Kaffren clearly knows his way around the Swiss bank.
As COO of the President’s office, Kaffren could be in a very powerful position. Horta-Osorio is currently carrying out a review of Credit Suisse’s business lines, which is expected to result in substantial reductions in sales and trading activities. In an interview published today, Horta-Osorio said the review will take until the end of this year. There have been persistent suggestions – denied by Credit Suisse – that Horta-Osorio actually runs the bank himself with his own team and that CEO Thomas Gottstein has been sidelined. If there is any truth to these rumors, then Kaffren could become a key person in any future restructuring.
Meanwhile, its exit leaves a void at HSBC – which is undergoing its own restructuring.
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