Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Credit Suisse shareholders back board's risk reinforcements

EconomyOct 01, 2021 06:55AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A Credit Suisse sign is seen on the exterior of their Americas headquarters in the Manhattan borough of New York City, September 1, 2015. REUTERS/Mike Segar/File Photo

By Brenna Hughes Neghaiwi

ZURICH (Reuters) -Credit Suisse shareholders approved the appointment of two external risk experts to the board of directors, as Chairman Antonio Horta-Osorio reaffirmed his strategy to overhaul the Swiss bank.

Horta-Osorio, or "AHO", as the Portuguese banker became known when he was chief executive of Lloyds (LON:LLOY), joined Credit Suisse (SIX:CSGN) in April, at a time the bank was reeling from the collapse of $10 billion worth of supply chain finance funds linked to insolvent financier Greensill and a multi-billion dollar loss related to investment fund Archegos.

He has promised a new strategy for Switzerland's second-largest lender by the end of this year and a review of the bank's risk management and culture in the wake of the crises, which prompted a raft of executives to leave.

"We have made significant progress in assessing and debating the bank's strategic options, and continue to expect to finalize our long-term vision and mid-term plan by year-end," Horta-Osorio said in a speech broadcast for an extraordinary general meeting on Friday.

Shareholders approved the appointment of former UBS executive Axel Lehmann and ING Group (NYSE:ING) audit and risk executive Juan Colombas to the board.

Lehmann was elected during the virtual meeting with 98.87% approval, while Juan Colombas, received 98.75% approval.

Credit Suisse plans to appoint Lehmann as chair of the bank's risk committee.

"Once our strategy is set and announced, we will proceed to execute it relentlessly and diligently," he said.

Pointing to senior hires and a high-level review of risk assessments and controls, Horta-Osorio said significant progress had been made over the last five months in firming up the bank's risk management, but noted much work remained to be done.

He has backed Chief Executive Thomas Gottstein as the right CEO to continue the job.

"The board and I are working closely on these matters together with the management team, led by our CEO, Thomas Gottstein, with whom I work very closely. He has the board's full support," he said.

Credit Suisse shareholders back board's risk reinforcements
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other 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, don’t trash it.

  •           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. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. 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