Privatbank IHAG Zürich AG named Marcel Jörger and Manuel Bächi chief investment officer and COO, respectively, Finews.com reported.

The appointments were made as part of an organizational change under new CEO Daniel Lipp.

Jörger will oversee private banking and joins from St. Galler Kantonalbank, where he was in charge of asset management, while Bächi has previously worked with Credit Suisse Group AG and Clariden Leu AG, according to the report. Deputy CEO Peter Rüegg will take charge of the bank's important clients and institutions business.

Thomas Kistler will step down from the executive board but continue to work as a senior private banker with Privatbank IHAG Zürich. The bank also plans to hire private bankers over the coming months in Zurich, Stuttgart and Vienna among other places, Lipp said.