A senior figure at EY has been brought in by the Swiss bank for its private banking business in Australia.
Credit Suisse has appointed a former senior EY, Michael Wachtel, as a senior advisor. Wachtel is based in Melbourne.
Wachtel will initially provide strategic advice to existing and prospective Credit Suisse Private Banking clients. Subsequently, the bank said it wants to make full use of Wachtel's experience for its entire operations in the country.
Previously, Wachtel had been appointed by Federal Treasurer, Scott Morrison and Finance Minister, Mathias Cormann to the Board of the Future Fund. Prior to this he was non-executive chairman (Asia Pacific & Oceania) of Ernst & Young (EY) (2010-2015) and a member of the EY Global Governance Council (2007-2015).
After 14 years as a Partner in Andersen, he joined EY at the time of the EY/Andersen merger in 2002.