Credit Suisse has named Deutsche Bank veteran, Dixit Joshi, as its new chief financial officer, replacing long-serving CFO, David Mathers, after more than a decade in the job. Joshi was formerly Deutsche's treasurer, and instrumental in the huge overhaul at the German lender that saw it exit equities trading and cut around 18,000 jobs.

He is the first major appointment by new Credit Suisse chief executive, Ulrich Körner, who faces pressure to turn the foundering bank around. Known as ‘Uli the knife’ for his cost-cutting prowess, Körner is expected to roll out big changes including significant cuts to its troubled investment bank.