Loss-making Credit Suisse (CSGN.S) could change management as new chairman Axel Lehmann tries to get the troubled Swiss bank back on its feet, according to Swiss Sunday newspaper NZZ am Sonntag.
Citing unnamed sources, the newspaper said Chief Legal Officer Romeo Cerruti, Chief Financial Officer David Mathers and Asia Pacific Chief Executive Herman Sitohang would step down.
The three are the longest-serving members of the bank’s 12 board members.
Asked about the report, a spokesman said the bank had implemented a new strategy and organizational structure announced in November, sharpening its focus on wealth management and scaling back investment banking.
She added: “As part of this work, the executive committee, led by the group chief executive, regularly discusses succession planning with the board and reviews executive appointments to specific roles, including specific legal entities, regions and executive committees.”
“However, the board has not made any decisions and we will communicate in due course.”
Credit Suisse said last week it expected a loss in the first quarter after tightening regulatory requirements, slowing business activity and Russia’s invasion of Ukraine. continue reading
That added to the pressure on Chief Executive Thomas Gottstein, who told a financial conference in March that business was relatively solid in the first two months of the year.
The bank is still suffering losses in 2021, leading to a reshuffle of top management and facing further investigation into compliance and risk failures, such as a supply chain finance fund linked to insolvent British financier Greensill. continue reading
It reports quarterly results on Wednesday and holds its annual meeting on Friday.
Proxy advisers Glass Lewis and ISS advised shareholders to vote against firing the bank’s board and management in fiscal 2020.
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