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Ulrich Körner succeeds Thomas Gottstein: Credit Suisse surprisingly changes the CEO

2022-07-27T08:37:28.737Z


The major Swiss bank Credit Suisse made headlines for allegedly violating international anti-money laundering standards for years. Now she has reported severe losses again – and is introducing a new boss.


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Ulrich Körner: New at the helm of Credit Suisse

Photo: Salvatore di Nolfi/EPA

Change of management at Credit Suisse: Ulrich Körner will succeed Thomas Gottstein at the head of the second largest Swiss bank.

The current head of the asset management division will replace Gottstein at the beginning of August, as the bank in Zurich announced.

The Wall Street Journal and the Financial Times had previously reported on Gottstein's surprising departure and Körner's appointment.

Körner has been a member of the Executive Board and Head of Asset Management since April 2021.

He came from UBS Group, where he was a member of the Executive Committee for 11 years, including six years as Head of Asset Management.

Prior to that, he served as Chief Operating Officer.

Before he came to UBS, he held a managerial position at CS Suisse.

His predecessor Gottstein had headed Credit Suisse since February 2020.

Massive losses

Credit Suisse also announced that it had closed the second quarter of 2022 with a massive loss.

As already announced in June, a strongly negative result in the investment bank in particular pulled the big bank into the red.

The bottom line for the second quarter is a loss of CHF 1.6 billion (EUR 1.62 billion), as the bank reports.

In the same quarter of the previous year, she had still made a profit of 253 million francs.

Earnings in the second quarter were also impacted by higher provisions for litigation and other items.

The bank also suffered from geopolitical, macroeconomic and market-specific challenges, it said.

As evaluations of leaked documents showed at the beginning of the year, Credit Suisse is said to have violated international anti-money laundering standards for years and accepted corrupt autocrats and criminals as clients.

The »Süddeutsche Zeitung« evaluated the data, the »Suisse Secrets«, together with NDR, WDR and international media such as »Le Monde« (France) and the »New York Times« (USA) as part of the Crime and Corruption Reporting Project ( OCCRP) off.

Alleged war criminals, human or drug traffickers could have opened or kept accounts with Credit Suisse, even if the bank at least suspected crimes, the reports said.

Together with the Körner personnel and the quarterly figures, CS has now announced a “comprehensive strategy review”, whereby the cost base is to be reduced to below CHF 15.5 billion in the medium term and the wealth management business and asset management are to be strengthened.

ptz/dpa

Source: spiegel

All business articles on 2022-07-27

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