The Swiss banking giant handed the senior role to an executive from rival Julius Baer.

Credit Suisse has hired Burkhard Varnholt from Julius Baer as deputy global chief investment officer within its international wealth management unit.

The news comes a day after Julius Baer announced Varnholt, head of its investment solutions group and co-chief investment officer, will step down at the end of May, handing over to Yves Robert-Charrue as interim ISG head and Yves Bonzon as the sole CIO.

Varnholt will assume his new role in November, based in Credit Suisse's Zurich headquarters. He will also become vice chairman of the investment committee and a member of the investment solutions and products management committee. He will report to the bank's global CIO, Michael Strobaek.

Before Julius Baer, Varnholt spent eight years at Bank J Safra Sarasin, latterly as CIO. He brings over 20 years of experience in the financial industry with a focus on investment strategy and advisory services.

Also this week, Credit Suisse appointed Eric Varvel to its international wealth management division as global head of asset management, based in New York and effective from June 1.