Scandals fallout top of mind for new Credit Suisse chairman
Scandals fallout top of mind for new Credit Suisse chairman
Antonio Horta-Osorio said the fallout of the Archegos and Greensill scandals outstrips his past experiences in finance
Antonio Horta-Osorio, Credit Suisse s new chairman
Credit Suisse s new chairman vowed to focus on risk management, strategy and culture as the banking group continues to deal with the fallout of its relationships with Archegos Capital Management and Greensill Capital.
Antonio Horta-Osorio, who was voted in as chairman at Friday s annual general meeting, said the situations with family office Archegos and its supply chain finance funds certainly goes beyond any experience he has had in the finance world.
Credit Suisse seeks âcalmer watersâ under new chairman Â
Antonio Horta-Osorio was confirmed as chairman of Credit Suisse. Keystone / Andy Rain
The shareholders of crisis-stricken Credit Suisse approved Antonio Horta-Osorio as the bankâs new chairman on Friday. He takes the helm as Switzerlandâs second largest bank investigates its risk management culture following the collapse of US investment firm Archegos and the insolvency of British finance firm Greensill. Â
This content was published on April 30, 2021 - 14:46
April 30, 2021 - 14:46
Keystone-SDA/Reuters/swissinfo/ds
The incoming chairman told the bankâs virtual annual general meeting he is facing the biggest challenge of his career. Over three and a half decades, I have personally worked at and led several banks in different countries and have lived through many crises, the former Lloyds chief executive said. What has happened with Credit Suisse over the last e
(Bloomberg) Credit Suisse Group AG Chairman Antonio Horta-Osorio said he plans a thorough assessment of the bank’s “strategic options” after the twin hits from the collapse of Archegos Capital Management and Greensill Capital eroded confidence. While he backed Chief Executive Officer Thomas Gottstein at the bank’s annual general meeting, the new chairman left little doubt about his appetite for change. The recent missteps at the Swiss lender, he said, went beyond any crises he had lived through over three-and-a-half decades working at banks. “We will take the time required for an in-depth assessment of the bank’s strategic options,” said Horta-Osorio, who succeeded Urs Rohner on Friday. “Then we will decide on a course of action and closely oversee the execution.” The comments are the clearest indication yet that the former head of Lloyds Banking Group Plc is planning to take a hands-on approach in his new role. Analysts and executives have suggested his options inc
By Luigi Serenelli2021-04-30T14:44:00+01:00
Institutional investors with assets worth $2.47trn (€2trn) are pushing Credit Suisse to step up efforts to cut financing coal while the lender is under pressure for its role in the Greensill and Archegos crises.
In a statement ahead of the bank’s annual general meeting, held today, ShareAction and seven institutional investors demanded Credit Suisse to set a firm date to phase out from coal, citing the Intergovernmental Panel on Climate Change (IPCC), which recommends 2030 for the OECD and 2040 at the latest for the rest of the world.
The group of investors, coordinated by ShareAction, includes Amundi, BMO Global Asset Management, Actiam and Folksam, according to reports. Ethos Foundation also joined the group.