The major Swiss bank does not make it out of the crisis.
(Photo: Bloomberg)
Zurich According to a newspaper report, the crisis-ridden Credit Suisse is planning a reorganization of its top management. The “NZZ am Sonntag” reported, citing unnamed sources, that CFO David Mathers, chief legal officer Romeo Cerutti and the head of Asia-Pacific business, Helman Sitohang, were about to say goodbye.
The bank only explained that in the implementation of the new strategy, which has already been announced, management and the board of directors are also dealing with the issue of succession planning and appointments for certain senior positions. “However, it is important to emphasize that the Board of Directors has not yet made a decision and we will communicate in due course.”
Credit Suisse has been in the process of restructuring for years, but a series of failures and affairs have made the institution the number one problem child in the European banking industry. The bank had again announced a loss for the first quarter.
Expensive legal cases in particular prompted the asset manager for millionaires and billionaires to issue the surprising profit warning. But the effects of the war in Ukraine, the loss in value of an investment and skid marks in day-to-day business are also affecting the bank.
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More: Second profit warning in three months: Credit Suisse starts with a quarterly loss in 2022