...

Credit Suisse Risk Committee Head Gottschling Exits Bank's Board




  • In Business
  • 2021-04-30 05:05:02Z
  • By Bloomberg
 

(Bloomberg) -- Credit Suisse Group AG risk committee head Andreas Gottschling is stepping down from his role after prominent investors indicated they'll vote to oust him following the $5.5 billion hit from the meltdown of Archegos Capital Management.

Gottschling is standing down ahead of the bank's annual general meeting on Friday, according to a statement from the company. Shareholder advisory firms including Glass Lewis had urged the bank's investors to vote against re-electing him for another yearly term.

Credit Suisse emerged as the big loser in global investment banks' race to exit trading positions as Archegos collapsed, forcing it to raise about $2 billion of fresh funds from investors to shore up its balance sheet. The debacle wiped out a year of profit and left investors nursing heavy losses and questioning its controls after a string of hits and write-downs.

Gottschling is the first supervisory board member to leave because of the Archegos and Greensill Capital debacles. Senior executives including investment banking head Brian Chin, Chief Risk Officer Lara Warner and the co-heads of the prime brokerage unit have stepped down, though Chief Executive Officer Thomas Gottstein has remained in place.

"Shareholders would be warranted to also attribute accountability to the board's risk committee," Glass Lewis wrote to investors earlier this month, adding that a change in leadership of the risk committee is needed to regain shareholder trust after the recent financial and reputational damage. It cited performance and experience concerns when advising investors to vote against Gottschling.

Gottstein is battling to rescue his short tenure after the Archegos hit spectacularly capped a run of miscues for the bank. The blowup came just weeks after Credit Suisse found itself at the center of the Greensill Capital scandal, when it was forced to suspend investment funds. While seeking to placate investors hurt by the losses, he also now faces the fresh challenge of navigating enforcement proceedings announced by Swiss regulator Finma.

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.

COMMENTS

More Related News

Snap
Snap's Record Rout Leads $142 Billion Social-Media Selloff

(Bloomberg) -- Snap Inc. posted its biggest one-day drop on record after the Snapchat parent company warned that Apple Inc.'s data collection rules and...

Second U.S. Bitcoin Futures ETF Makes Lower-Profile Debut
Second U.S. Bitcoin Futures ETF Makes Lower-Profile Debut

(Bloomberg) -- Most Read from BloombergThe Top Money Maker at Deutsche Bank Reaps Billions From SingaporeWhy Americans and Britons Are Rushing to Buy Idyllic...

Tesla Shares Reach New Heights as Earnings Supercharge Rally
Tesla Shares Reach New Heights as Earnings Supercharge Rally

(Bloomberg) -- Tesla Inc. shares rallied to a record high on Friday, taking the electric-vehicle maker another step closer to joining an elite group of...

Intel
Intel's 12% Slide Erases More Than $26 Billion From Market Value

(Bloomberg) -- Intel Corp. shares plummeted to their lowest close since December on Friday, after the chipmaker reported third-quarter results and detailed a...

Bitcoin
Bitcoin's Record-Breaking Week Is Ending With a Whimper

(Bloomberg) -- Bitcoin's record-breaking week ended on a down note.Most Read from BloombergThe Top Money Maker at Deutsche Bank Reaps Billions From...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • garcinia cambogia caps nz
    (2021-04-30 21:20:13Z)

    fluconazole for sale cheapest fluconazole 200 mgfluconazole usa fluconazole nz

    REPLY
  • Davidrix
    (2021-06-07 11:03:39Z)

    Idle hands are the devil's playthings. Luckily this won't be an issue with the best and most fun idle games here at Silvergames.com! Click away to your heart's content and rack up the profits in these funny and relaxing ways to waste away some dull hours. So far the only one I have played is adventure capitalist. I've looked through the wiki but they are too many. what are some the best games to try? These are the best idle games for Android & iPhone iOS 2020 with AFK gameplay, Idle RPG elements, incremental clickers, and hours of daily gameplay https://dvinem-site.ru/community/profile/jamilawise0715/ On Bandcamp Radio Gen Katumba Wamala is being treated in hospital for injuries but his daughter and driver died. The World Food Prices Database has data on food prices (e.g., beans, rice, fish, and sugar) for 76 countries and some 1,500 markets. The dataset includes around 500,000 records and is updated monthly. The data goes back as far as 1992 for a few countries, although most of the price trends start in 2000-2002. The Turkish and world public wish to see the works o f art from Zeugma properly housed at Gaziantep Museum as soon as possible, but since room in the museum stores is limited this marvellous collection is currently standing in the open air in the museum grounds. Construction o f the new museum annex has halted temporarily due to lack o f funds, but the museum is hoping to fin d a sponsor or additional funds soon.

    REPLY

Top News: Business