EXCLUSIVE: CEO Of Credit Suisse's Private Bank In UK To Step Down; Retains Advisor Role

Tom Burroughes

2 June 2014

The UK chief executive and head of Credit Suisse’s UK private banking arm, Philip Cutts, is to step down from the role while remaining as a senior advisor at the firm, having joined from Royal Bank of Canada in 2011, this publication can exclusively report.

Cutts, who has worked in the financial services business for over three decades, is stepping down from his position on 1 July. Until a successor is found, his responsibilities will be undertaken by Eric Pfister, in addition to Pfister’s roles as chairman of CS UK and head of market area UK/international for private banking Western Europe, this publication understands.

This news service recently honoured Cutts with a Lifetime Achievement Awards at the WealthBriefing Europe 2014 Awards event held in the Guildhall early last month. An experienced wealth management professional, Cutts took the helm at the Zurich-listed bank’s UK operations at a time when such firms faced unprecedented regulatory and economic pressures.

His time at the bank has, for example, seen acquire the EMEA wealth management business of Morgan Stanley in 2013, as well as sell the Clariden Leu (Europe) business in a series of moves reflecting rising M&A activity involving Swiss firms.

Before working at Credit Suisse, Cutts had a career of over 25 years at Royal Bank of Canada, holding different senior roles including those of director of international wealth management, chief financial officer for the global international wealth business, and head of UK wealth management operations.