Credit Suisse crisis: Meet Dixit Joshi, the Indian-origin CFO

Credit Suisse, Switzerland`s second-biggest financial institution, can be taken over through rival UBS for $three.2 billion. The address UBS to collect the embattled Swiss rival Credit Suisse changed into finalised after weekend conferences concerning groups that file to Dixit Joshi, the leader economic officer of Credit Suisse, CNBC reported.

Credit Suisse's percentage fee traded at CHF 0.78, plunging through 58.15%. However, withinside the early trade, the inventory nosedived through a whopping 64.52% or even touched an intraday low of CHF 0.66.

Chief govt officer of Credit Suisse, Ulrich Koerner, had appointed Dixit Joshi because the financial institution`s CFO in October 2022. He took over from David Mathers, who were the CFO on the grounds that 2010.

Here are matters to realize approximately him:

Dixit Joshi served because the Group Treasurer of Deutsche Bank for 5 years earlier than becoming a member of Credit Suisse. His positions protected main institutional consumer institution debt, indexed derivatives and markets clearing, international high finance in addition to Asia Pacific equities.

The 51-year-vintage later joined Credit Suisse for the primary time in 1995. According to the respectable internet site of the financial institution, he changed into related to its paintings in New York and London until 2003.

He commenced off his 3 decade-lengthy profession with the Standard Bank of South Africa in 1992. 

He served as leader of Equity Derivatives and later headed EMEA Equities at Barclays Capital from 2003-2010.

He changed into born in Durban in 1971, Joshi studied Bachelor of Science diploma in Actuarial Science and Statistics on the University of the Witwatersrand in South Africa. 

On Sunday, each UBS and Credit Suisse introduced the takeover deal. UBS can be the surviving entity. The Zurich-founded financial institution will collect Credit Suisse for CHF three billion (approximately $three.25 billion).

The flow comes after Swiss National Bank's plan to provide a 50 billion francs mortgage to Credit Suisse didn't ease the dangling self assurance of investors. Swiss Federal Department of Finance, the Swiss National Bank, and FINMA requested each UBS and Credit Suisse for a merger settlement to repair self assurance withinside the economic system and banking system.

Under the merger, all shareholders of Credit Suisse gets 1 fairness percentage in UBS for his or her 22.forty eight stocks in Credit Suisse. This alternate ratio displays a merger attention of CHF three billion for all stocks in Credit Suisse.