(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
Credit Suisseâs New Chairman Signals Possible Shakeup After Woes
This content was published on April 30, 2021 - 12:53
April 30, 2021 - 12:53
(Bloomberg) Credit Suisse Group AG Chairman Antonio Horta-Osorio said he plans a thorough assessment of the bankâs âstrategic optionsâ 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 bankâs 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.
Credit Suisse Risk Committee Head Exits After Archegos Hit
This content was published on April 30, 2021 - 06:46
April 30, 2021 - 06:46
(Bloomberg) Credit Suisse Group AG risk committee head Andreas Gottschling is stepping down from his role after prominent investors indicated they’ll vote to oust him following the $5.5 billion hit from the meltdown of Archegos Capital Management.
Gottschling is standing down ahead of the bank’s annual general meeting on Friday, according to a statement from the company. Shareholder advisory firms including Glass Lewis had urged the bank’s investors to vote against re-electing him for another yearly term.
Credit Suisse emerged as the big loser in global investment banks’ race to exit trading positions as Archegos collapsed, forcing it to raise about $2 billion of fresh funds from investors to shore up its balance sheet. The debacle wiped out a year of profit and left investors nursing heavy losses and questioning the bank’s controls a
(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
(Bloomberg) Credit Suisse Group AG is suing a Georgian billionaire and his communications adviser over their decision to publish a copy of a report from Switzerland’s banking regulator on its handling of a former banker convicted of fraud. The two sides locked horns in a court hearing in London on Thursday, where Credit Suisse sought to extend a preliminary order forcing the report to be removed from the csvictims.com website. The public relations firm behind the website, Metigen, is asking for the court to lift the injunction pending a decision on whether there needs to be a full trial. The dispute is the latest in a long running battle between the Swiss bank and investors who were victims of Patrice Lescaudron, who was convicted of orchestrating a scheme to fake trades to cover losses that ran into the millions of dollars. The investors, including former Georgian Prime Minister Bidzina Ivanishvili who is also a defendant in the London lawsuit, believe Credit Suisse should bear so