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Credit Suisse to make first change in IWM unit senior team after Khan departure

Credit Suisse Group AG is planning the first change to the senior management team of its international wealth management division since the departure of former chief Iqbal Khan, finews.ch reported Oct. 15, citing a source.

Philipp Wehle, who succeeded Khan as CEO of the IWM unit, will appoint Raffael Gasser as head of international private clients as of Nov. 1, according to the report.

Gasser will replace Gianpiero Galasso, a Credit Suisse veteran with more than 20 years at the firm, who was instrumental in the IWM division's restructuring under Khan. Galasso will stay with Credit Suisse but his new role is still unknown, according to finews.ch.

Khan left Credit Suisse for domestic rival UBS Group AG where he now is co-president of wealth management. His surprising departure in July 2018 was followed by a scandal in which Credit Suisse hired private detectives to tail him during his gardening leave.

An internal investigation found the spying was ordered by former COO Pierre-Olivier Bouée who subsequently quit the bank. Bouée wanted to make sure Khan was not poaching clients before he left for UBS but the probe did not find any evidence he had done so.