Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Credit Suisse taps Goldman Sachs partner to lead risk turnaround

Stock MarketsJul 27, 2021 08:01
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

(Clarifies interim roles in paragraph 5)

By Brenna Hughes Neghaiwi

ZURICH (Reuters) - Credit Suisse (SIX:CSGN) on Tuesday appointed Goldman Sachs (NYSE:GS) partner David Wildermuth its new chief risk officer, as it seeks to turn the corner on the Archegos and Greensill scandals that have rocked Switzerland's second-biggest bank.

Zurich-based Credit Suisse has been cutting risk after its prime brokerage business lost billions from the collapse of family office Archegos, and as its asset management division scrambles to return some $10 billion of client investments linked to insolvent supply chain finance firm Greensill.

Those scandals have prompted a swathe of sackings, executive changes and regulatory investigations, as well as a planned strategic overhaul which Chairman Antonio Horta-Osorio has said is to make risk and cultural change a top priority.

"I am delighted to welcome David to Credit Suisse, where he will help shape the Group's enhanced risk management framework, an essential part of the bank's strategic realignment currently underway," Horta-Osorio said in a statement.

Former Chief Risk and Compliance Officer Lara Warner was one of the high-level casualties, replaced on an interim basis by Thomas Grotzer as compliance head and Joachim Oechslin as risk head. Credit Suisse said Oechslin, who already served as the bank's risk chief under previous CEOs Brady Dougan and Tidjane Thiam between 2014 and 2019, would resume his role as strategic advisor to the CEO after Wildermuth's arrival.

Wildermuth, a 24-year Goldman Sachs veteran, was appointed deputy chief risk officer at the U.S. financial giant in 2015 and has been a partner since 2010.

"David joins with an impressive track record, underlining our firm commitment to further enhance our risk management across the bank," Credit Suisse Chief Executive Thomas Gottstein said in the statement. "He is the right person to lead and further strengthen our risk organization."

Wildermuth will assume the role on February 1, 2022 at the latest, the Swiss bank said, and will be based in Zurich.

Credit Suisse taps Goldman Sachs partner to lead risk turnaround
 

Related Articles

As workers age, robots take on more jobs -study
As workers age, robots take on more jobs -study By Reuters - Sep 16, 2021

By Timothy Aeppel (Reuters) - It turns out robots are taking over jobs fastest around the world in places where their human counterparts are aging the most rapidly. That is the...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email