News: Credit Suisse drops senior executives after losses

C-Suite

Credit Suisse drops senior executives after losses

After losing US$4.7 billion on loans to US firm Archegos Capital Management, the bank is removing its CEO of investment banking and its Group Chief Risk and Compliance Officer.
Credit Suisse drops senior executives after losses

Credit Suisse announced on April 6 that two of its senior executives are leaving following a disclosure that the bank might lose over 4.4 billion Swiss francs (US$4.7 billion) due to the collapse of US investment firm Archegos Capital Management. Brian Chin, Chief Executive Officer of Investment Banking, is leaving on April 30. Lara Warner, Chief Risk Officer of Credit Suisse Group, stepped down with immediate effect.

Chin had been with Credit Suisse since 2003, holding various senior roles in the investment banking division. Prior to that he was with Deloitte and PwC. He will be replaced by Christian Meissner, the Vice Chairman and Co-Head of Investment Banking Advisory, Wealth Management.

Warner joined Credit Suisse in 2002 and has three decades of finance experience. She held a range of senior roles at Credit Suisse including Chief Financial Officer and Chief Operating Officer of Investment Banking, Chief Compliance and Regulatory Affairs Officer, and finally Group Chief Risk and Compliance Officer.

The bank has appointed Joachim Oechslin, Warner's predecessor as Chief Risk Officer, and Thomas Grotzer, the General Counsel, to act as interim Chief Risk Officer and interim Global Head of Compliance respectively while a permanent successor is found.

In addition, members of the bank's executive board will forego their bonuses for 2020 and 2021.

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Topics: C-Suite

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