Mulford returns to Credit Suisse

The Swiss bank creates a new role for a former employee who has spent the past five years as the United States ambassador to India.

Credit Suisse announced yesterday that it has appointed David Mulford to a newly created role of vice-chairman international.

Mulford will work with a range of clients across the firm with a particular focus on governments and corporate clients around the globe. His appointment is effective immediately.

Mulford is a known commodity at the Swiss bank, having started his investment banking career at White, Weld & Company. While there, he was head of international finance with responsibility for coordinating efforts with its partner, Credit Suisse White Weld, on international business.

After leading White, Weld's advisory relationship with the Saudi Arabian Monetary Agency from 1975 to 1983, Mulford joined Credit Suisse First Boston in 1992. At CSFB he led the global privatisation business, advising a host of corporate and government clients on deals between 1992 and 2003.

For the past five years, Mulford has served as the United States ambassador to India. Some specialists suggest that Credit Suisse is hoping Mulford can help grow the India business as he is probably well-connected in the corridors of power after his tenure in New Delhi. However, government mandates in India are few and far between and it is the private sector based out of the commercial capital in Mumbai that drives the million dollar fee deals which banks such as Credit Suisse are keen to work on.

Along with other wealth management firms, Credit Suisse is also likely to be closely watching developments at its Swiss rival, UBS, which in February announced that it would pay the US government $780 million in fines and assist an Internal Revenue Service investigation into alleged tax evasion by US citizens. It seems clear that US regulators intend to keep an eagle eye on private banking services offered to wealthy Americans and Mulford's previous experience in the US Government as under secretary and assistant secretary of the US Treasury for international affairs from 1984 until 1992 could prove useful to the Swiss bank.

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