Credit Suisse strategy unveil on track after “relentless” work – chairman

October 1, 2021

By Brenna Hughes Neghaiwi

ZURICH (Reuters) -Credit Suisse remains on track to lay out its strategic overhaul this year after “working relentlessly to solve the issues that have been holding us back”, Chairman Antonio Horta-Osorio said on Friday.

“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 the bank’s extraordinary general meeting, in which shareholders approved the appointment of two external risk experts to the board of directors.

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

Horta-Osorio, who joined Credit Suisse directly off a CEO role at British lender Lloyds in April, has said he intends to look at the bank’s risk management and culture in the wake of two major crises, as well as reviewing strategic options.

“AHO”, as the Portuguese banker became known at Lloyds, expects to decide on a new strategy for Switzerland’s second-largest lender by the end of this year, recently backing 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 on Friday.

Former UBS executive Axel Lehmann was elected during the virtual meeting with 98.87% approval, while Juan Colombas, who has been an executive director and member of the audit and risk committees at Dutch bank ING Group since 2020, received 98.75% approval.

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

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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