Thomas Gottstein, Credit Suisse chief executive, has shown his hand. After sitting on the sidelines, observing a succession of large losses mostly gestated by his predecessor, Gottstein has finally dispensed with two of the people he previously favoured: head of the investment bank Brian Chin, and head of risk and compliance Lara Warner. The implication is that it takes Gottstein a long time to act, but he's pretty decisive about it when he does. "Serious lessons will be learned,” he declared sternly today. Serious lessons do indeed need to be learned. The list of losses during Gottstein's tenure, which only began in February 2020, is already long. Last year, there was Luckin' Coffee and Wirecard. This year, there's been a $600m fine relating to U.S. mortgage securities in 2008, a $450m writedown on hedge fund York Capital, losses of up to $3bn relating to Greensill, and then a loss of $4.7bn relating to hedge fund Archegos Capital Management.