Credit Suisse has named Christoph Brunner as its new head of private clients in Switzerland, according to media reports that cited an internal memo sent to staff.

Brunner succeeds Hanspeter Kurzmeyer, and will himself be replaced by Rolf Boegli as chief operating officer for private banking, reports said. Meanwhile, Arthur Vayloyan has been named head of private banking for Switzerland; his role in the bank’s investment services and products unit will be filled by Nicole Pauli.

All the appointments are reportedly effective from 1 September; Brunner and Vayloyan will also become part of Credit Suisse’s ten-strong private banking management committee.

Credit Suisse declined to comment when contacted by WealthBriefing on the matter.

These are the latest in a string of senior changes at Switzerland’s second-largest banking group. The start of this month saw former UBS veteran Hans-Ulrich Meister installed as its new chief executive of wealth management, and he has wasted no time in setting in motion a cost-cutting programme intended to save SFr1 billion ($1.25 billion) within the next 12 months.

In other recent developments, Credit Suisse may follow its larger Swiss rival, UBS, in being heavily fined by the US authorities for its part in allegedly helping tax evaders. The bank is likely to settle a possible US indictment with prosecutors by admitting wrongdoing and paying a penalty possibly of more than $1 billion, according to tax lawyers, Bloomberg reported at the start of this week.

Switzerland’s second largest bank has too much to lose by fighting the Justice Department and risking indictment, lawyers involved in the case were quoted as saying. Prosecutors told Credit Suisse in July that it is being investigated over its former cross-border banking services for US clients.

The lawyers say they expect Credit Suisse to reach an agreement similar to the one arrived at by UBS in 2009. In that year, UBS was charged with aiding tax evasion by US and paid $780 million to avoid prosecution. It later turned over data on another 4,450 accounts, representing a breach of Switzerland’s legendary bank secrecy rules.