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Credit Suisse risk chief quits before AGM

Fri 30 April 2021 10:49 | A A A

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(Sharecast News) - Credit Suisse's risk chief has quit in the latest departure at the bank prompted by the crises at Greensill and Archegos Capital.

Andreas Gottschling, who heads the bank's risk committee, is stepping down ahead of a threatened shareholder rebellion at Credit Suisse's annual general meeting.

The board has already removed Lara Warner, chief risk and compliance officer, and Brian Chin, who ran its investment bank, as well as a number of managers and traders.

"Andreas Gottschling has informed the board that he will not stand for re-election at the Credit Suisse 2021 annual general meeting," Credit Suisse said in a regulatory statement.

Credit Suisse has suffered big losses from the collapse of Archegos, a family office, and Greensill, a supply chain finance company represented by former UK prime minister David Cameron. Archegos cost the bank SFr4.4bn in the first quarter and it has suspended $10bn of funds linked to Greensill.

Antonio Horta-Osorio, the former chief executive of Lloyds Banking Group, will replace Urs Rohner as chairman at Friday's meeting. Horta-Osorio will take over a bank in crisis after a year of governance and risk failures.

The bank is raising SFr1.7bn from investors to support its balance sheet after the twin disasters. Its shares have lost more than a quarter of their value since March.

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