Credit Suisse has become the latest firm to shift global responsibility of its capital markets division to London with the promotion of Eric Varvel to succeed Michael Philipp as its European chief executive.

Varvel, who will retain his job as co-head of global investment banking in addition to being made chief executive of Europe, Middle East and Africa, is relocating from New York and will start his new job at the beginning of next month. He will also join Credit Suisse’s executive committee.