The UBS deal of acquiring its embattled Swiss rival Credit Suisse for $3.25 billion was finalised after weekend meetings involving teams that report to Dixit Joshi, the chief financial officer of Credit Suisse, CNBC reported.
Amid fears of contagion after the collapse of three US banks, Credit Suisse’s share price had plunged by more than 30 percent on Wednesday to a new record low of 1.55 Swiss francs.
Chief executive officer of Credit Suisse, Ulrich Koerner, had appointed Joshi as the bank’s CFO in October 2022. He took over from David Mathers, who had been the CFO since 2010.
Also read: Stocks slump as Credit Suisse rescue fails to ease fear of global crisis
5 facts about the seasoned investment banker who plays a significant role in steering Credit Suisse out of its present crisis:
- Born in Durban in 1971, Joshi studied Bachelor of Science degree in Actuarial Science and Statistics at the University of the Witwatersrand in South Africa.
2.He started off his three decade-long career with the Standard Bank of South Africa in 1992. The 51-year-old later joined Credit Suisse for the first time in 1995. According to the official website of the bank, he was associated with its work in New York and London till 2003.
3. Subsequently, he served as chief of Equity Derivatives and later headed EMEA Equities at Barclays Capital from 2003-2010.
4. From 2011-2022, Joshi played a key part in the overhaul of Deutsche Bank, which faced a similar situation as Credit Suisse currently. His positions included leading institutional client group debt, listed derivatives and markets clearing, global prime finance as well as Asia Pacific equities.
5. Joshi is a keen participant in various social initiatives too. He is on the board of Pratham, a UK-based non-profit organisation that aims to provide education in India, and is a trustee for the Student Sponsorship Programme, which works to make higher education accessible to disadvantaged kids in South Africa. Joshi has also served on the board of the Smithsonian Institution National Museum of African Art in Washington, D.C.
