Credit Suisse has named Ulrich Körner as its new chief executive officer, replacing Thomas Gottstein in a bid to shore up confidence. At the same time Switzerland’s second-largest bank says it is conducting a “comprehensive strategic review”.
This content was published on
3 minutes
Reuters/Keystone-SDA/ts
Español
es
Credit Suisse cambia nuevamente de director general
Körner, 59, who used to work for management consultants McKinsey, is considered a restructuring expert in Switzerland. He will start his new job on August 1, Credit Suisse said in a statementExternal link on Wednesday.
“This is a challenging undertaking but at the same time represents a great opportunity to position the bank for a successful future and realise its full potential,” German-born Körner, who has German and Swiss citizenship, said in the statement.
Pressure had been mounting on Gottstein for months over major scandals and losses racked up during his two-year tenure that have hammered shares and angered investors.
On Wednesday Credit Suisse reported a net loss of CHF1.6 billion ($1.66 billion) in the second quarter, from a profit of CHF253 million in the quarter a year ago. Revenues plunged 29% to CHF3.6 billion.
“Our results for the second quarter of 2022 are disappointing, especially in the investment bank, and were also impacted by higher litigation provisions and other adjusting items,” Gottstein said.
More
More
Credit Suisse lurches from one risk management crisis to the next
This content was published on
Are scandals at Archegos and Greensill an unlucky coincidence or symptomatic of a wider failing at Credit Suisse?
When Gottstein took the helm in 2020, he promised a “clean slate” for the bank, which was recovering from an internal spying scandal that cost his predecessor Tidjane Thiam his job.
But troubles have only escalated. In 2021 the bank disclosed a $5.5 billion (CHF5.3 billion) loss from the unraveling of US investment firm Archegos and the collapse of $10 billion worth of supply chain finance funds. The events prompted management ousters, investigations, and a capital increase – followed by further losses and fresh legal cases.
More
More
FINMA probes Credit Suisse over Archegos blowout
This content was published on
Switzerland’s Financial Market Supervisory Authority (FINMA) on Thursday opened enforcement proceedings against the bank over the Archegos losses. The regulator is investigating whether there were deficiencies in risk management. FINMA has appointed an investigator to probe the matter at the bank. It is also exchanging information with counterparts in Britain and the United States. The…
Credit Suisse brought in Körner in April 2021 to lead its newly separated asset management division following the collapse of the $10 billion worth of supply chain finance funds linked to insolvent financier Greensill Capital.
Körner returned to Credit Suisse from arch-rival UBS, where he most recently served as adviser to the CEO from 2019 to 2020. He ran UBS Asset Management from 2014 to 2019. Körner was previously a senior executive at Credit Suisse Financial Services and ran the Swiss business.
“I am delighted to welcome Ueli as our new Group CEO, to oversee this comprehensive strategic review at a pivotal moment for Credit Suisse,” Credit Suisse chairman Axel Lehmann said in the statement.
“Since becoming chairman and reviewing the bank’s portfolio with our newly refreshed board of directors, I have come to appreciate the world-class quality of our businesses. But we need to be more flexible to ensure they have the necessary resources to compete. Our goal must be to become a stronger, simpler and more efficient group with more sustainable returns.”
Credit Suisse shareholders refuse to let board off the hook
This content was published on
Shareholders refuse to absolve Credit Suisse board members of legal liability after a series of bungles and court cases in recent years.
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Credit Suisse ignored more than 100 red flags, says regulator
This content was published on
A report by the Swiss financial regulator FINMA claims that the bank had ignored over 100 warnings of potential breach of regulations.
Credit Suisse says Greensill recovery will cost clients $291m
This content was published on
Credit Suisse warns clients that efforts to recover the money it lent via failed finance company Greensill Capital will cost $291 million.
Credit Suisse Vice Chair Schwan steps down from board
This content was published on
The Swiss bank has announced that Vice-Chair Severin Schwan will not stand for re-election following shareholder rebellion.
This content was published on
Credit Suisse has posted a fourth-quarter net loss of CHF2 billion ($2.17 billion) and a full-year net loss of CHF1.57 billion.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.