Credit Suisse names former UBS exec as sustainability framework head

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FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in Bern

(Reuters) - Credit Suisse has appointed James Purcell as head of sustainability framework, according to an internal memo seen by Reuters on Tuesday, as the Swiss bank takes steps to improve shareholder value after a series of scandals tied to its management and operations.

The move to bolster sustainability has grown in corporate finance in the last few years as shareholders expect companies to take steps toward greater transparency and responsible investments.

Purcell and his team will lead the bank and its clients toward a more sustainable future, Chief Sustainability Officer Emma Crystal said in the memo.

Purcell, who took over the role on Aug. 1, has worked across wealth management and investment banking for over 14 years. He most recently served as group head of sustainable, thematic and impact investments at Quintet Private Bank and has held similar roles at UBS Wealth Management.

He also joined Credit Suisse's sustainability committee and reports to Crystal.

Credit Suisse last month named asset management boss Ulrich Koerner as its new chief executive officer, tasked with scaling back investment banking and cutting more than $1 billion in costs.

Earlier this month, Moody's downgraded the bank while S&P took a harsher view as the beleaguered lender faces challenges changing its risk and compliance culture and in repositioning its investment bank in the face of a difficult environment that also led to an erosion in its market value.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel)