When Credit Suisse recently announced the new composition of its management, an important name got no mention: John Murray. The Brit may not sit on the executive board, but his influence on the bank and Chief Executive Tidjane Thiam is enormous.
The sudden departure of Clarissa Haller, head of communications at Credit Suisse (CS), is an example for the influence of John Murray. In mid-October, she told «Tages-Anzeiger»: «John Murray and I work well together, he from London, and I from Zurich. We like working together.»
No more. Haller will leave CS at the end of this month, «persoenlich.com» reported Sunday. The communications professional confirmed the information in a letter to business associates this week without saying why she's leaving. It probably has to do with Murray.
Spokesman and Adviser
Haller, who reported to Peter Goerke since October 21, 2015, won't have managed to assert herself against Murray (pictured left). Ever since Tidjane Thiam took power at CS, the Brit presented himself as spokesman and adviser when contacted by the media, including finews.ch.
Murray thus underlined his importance to Thiam, for whom he already had worked at Prudential (as PR-person). At CS he enjoys the role of senior adviser to the CEO.
Murray was handsomely paid at the «Pru». It was reported in spring that he received shares worth £3 million (about 4.5 million francs) as part of a performance-related bonus program. That's in addition to his salary of £1 million for 2014 as reported in several media outlets.
Generous Pay Package
The salary package would seem rather generous for a PR person, even measured by City standards, and grabbed the headlines. Of course, the sum pales compared with the one of his boss, who took £11.8 million (17.7 million francs) last year. How much Thiam takes at CS only time will tell.
The CS CEO has a loyal and powerful person at his side. Murray is one of the most influential spin doctors in the City. Before changing sides, he worked for the «Independent», «Daily Express» and «Sunday Express», «Scottish Daily Express». In 2000, he started at Telewest (telecommunications) and switched to the PR-industry (Powerscourt) in 2003.
In 2006 Murray took a job at the U.K.'s Financial Services Authority, working for John Tiner and Hector Sants, enabling him to meet the relevant people in the financial service industry. At the end of 2010 he joined Prudential.
Repositioning Expert
Following the collapse of the plan to buy Asian insurer American International Assurance (AIA), Murray helped Thiam reposition the British insurer and polish its public perception.
At his new job Murray may feel at home, because the Swiss bank needs sort of a repositioning after the rocky ride of the past years.
Presenting the new strategy of Switzerland's second-largest bank in London and not in Zurich on October 21 surely was a sign that Murray is pulling the strings behind the scenes.
