Credit Suisse has hired a new chief executive of its wealth management division in a flurry of new board appointments as the Swiss bank continues to shake up its senior ranks in the wake of the twin crises of Archegos Capital and Greensill.

Francesco De Ferrari has been named chief executive of its wealth management unit, the bank said in a statement. He will join the bank in January and report into chief executive Thomas Gottstein, replacing Philipp Wehle, who has led the division for two years and will become chief financial officer of wealth management.