Financial center – Credit Suisse boss Thomas Gottstein is said to be leaving

– Credit Suisse boss Thomas Gottstein is said to be leaving

The managing director of the bank with two veils is preparing to leave office, according to the “Wall Street Journal”. The announcement of his departure could take place this Wednesday.

Posted today at 9:54 p.m.

Thomas Gottstein, here in Zurich in February 2017, has led Credit Suisse since February 2020, when he replaced Tidjane Thiam.

KEYSTONE/Gaetan Bally

Credit Suisse CEO Thomas Gottstein is about to leave, according to an article from the “Wall Street Journal” Tuesday evening. Contacted by AWP, the bank, which publishes its quarterly results on Wednesday, declined to comment on the issue.

“We do not comment on market rumours,” said a spokeswoman for the big bank. No name has been mentioned to replace the current general manager. The time of departure is also not determined, according to the newspaper. The announcement of the departure could take place this Wednesday, on the sidelines of the presentation of the results, said a person familiar with the matter.

Last June, the two-veiled bank issued a profit warning and announced that it would post a net loss in the second quarter. The result will have been weighed down by a loss in the investment bank, which has suffered greatly in recent months from the difficult environment on the financial markets.

From Archegos to Greensill

Thomas Gottstein has led Credit Suisse since February 2020, when he replaced Tidjane Thiam, swept away by the incredible affair of the spinning mills of senior executives of the bank. Under Thomas Gottstein, the bank suffered a series of costly debacles, including the Greensill Capital and Archegos Capital Management cases in early 2021. The boss is now expected to clean up the bank.

But the wave of negative news continued: a court in Bermuda fined the bank in late March $607 million in a legal dispute with former Georgia prime minister Bidzina Ivanishvili. Credit Suisse immediately appealed the judgment.

Supported by the Chairman of the Board of Directors

At the end of April, the chairman of the board of directors Axel Lehmann lent his support to Thomas Gottstein. The bank’s return to the right path must be led with the general manager, he said.

The president had stressed that he did not want to replace the CEO “because he is good. He knows investment banking, wealth management and business in Switzerland”. After all the changes at the top floors of the bank, you need someone at the head who knows the organization and who the key customers are, the president added.

All these events did not fail to have an effect on the action of the bank. While the stock was still worth almost 13 francs in February 2021, it is now only worth around 5 francs after even hitting a historic low a little below this level not long ago.

ATS

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