Credit Suisse’s new chairman, Antonio Horta-Osorio, will examine the investment bank’s structure to improve risk management, CEO Thomas Gottstein said. The bank will seek to improve its risk management after the collapse of Archegos.
Recall that Credit Suisse suffered a $4.7 billion loss from deals with the Archegos Capital Management family office.
The new chairman will take over during the retirement of Urs Rohner, who is stepping down amid several crises that have severely damaged the bank.
Gottstein said that Credit Suisse in an interview with NZZ and said the bank was unable to properly manage risk because of a lack of personal communication with clients due to the pandemic.