Credit Suisse announces a number of new appointments to its executive committee on Monday. The Swiss bank is trying to recover from an extremely difficult year that saw it be surrounded by losses and controversies.

Switzerland’s 2nd-largest bank has announced Francesco De Ferrari as its CEO and interim CEO of Europe and the Middle East.

After a spell with AMP, an Australian wealth management firm, De Ferrari joins Credit Suisse. He worked there from 2002 to 2018.

Credit Suisse has announced his appointment after a strategy was developed to cut down on its investment bankers. Instead, the new strategy will be used to invest in world-rich people.

After suffering heavy losses due to the collapse of Archegos, the U.S. family offices Archegos, the lender’s share prices have dropped nearly 25% this year. Greensill’s collapse as a supplier chain finance company is also causing client losses.

After widespread misconduct in banking, Ferrari led AMP to a new direction. This included charging customers for services that it didn’t provide, and misleading regulators.

Credit Suisse was his first employer. He served as the Head of Private Banking Asia Pacific, and then CEO South East Asia and Frontier Markets. De Ferrari held the position of CEO Private Banking Italy from 2008 to 2011.

Antonio Horta Osorio (Credit Suisse Chairman) stated De Ferrari had “a deep knowledge of Credit Suisse, the industry, and reinforced our Executive Board in this critical intersection in our journey.”

Christian Meissner has been elected CEO of Credit Suisse’s Investment Bank Division. Helman Sitohang, Andre Helfenstein, have been appointed as CEOs for the Americas. Mark Hannam was named Head of Internal Audit.

Horta-Osorio who made risk and compliance a priority said that these appointments complete the bank’s regional and divisional structures and will help to implement the bank strategy.

The Chairman, who was criticized for admitting that he had violated Switzerland’s COVID-19 quarantine regulations, stated, “Risk Management will be at core of all of our actions with the Board of Directors & the Executive Board jointly driving a culture which reinforces accountability and responsibility across an entire bank.”

Credit Suisse also received a reprimand for its alleged surveillance on Iqbal Khan (ex-top wealth manager) and was fined over fraud and corruption charges in connection to the $2B Mozambican corruption case.