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Credit Suisse board backs CEO, chairman tells SonntagsBlick

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Chief Govt Officer of Credit score Suisse, Thomas Gottstein, speaks through the fourth annual Future Funding Initiative in Riyadh, Saudi Arabia, January 27, 2021. REUTERS/Ahmed Yosri/File Picture

ZURICH, Sept 26 (Reuters) – Credit score Suisse’s board of administrators is satisfied Chief Govt Thomas Gottstein is the correct individual to strategically realign the financial institution by curbing threat urge for food, the Swiss financial institution’s chairman stated in a newspaper interview revealed on Sunday.

Requested whether or not he was planning to exchange Gottstein as CEO or take over the operational lead of the financial institution himself, Antonio Horta-Osorio was quoted as replying “no” within the interview with Swiss Sunday newspaper SonntagsBlick.

“I can solely say with certainty that Thomas Gottstein has the complete confidence of the board of administrators,” he stated.

“Within the troublesome part the financial institution went via lately, he impressively demonstrated his management expertise. He’s the correct man for the strategic realignment of the financial institution.”

Horta-Osorio, who took over as chairman in April, stated the financial institution needed to curb threat urge for food and set the correct incentives, whereas additionally hiring and supporting employees sharing its values.

“(The technique dialogue) will not be completed so we can’t discuss it publicly but,” he stated.

Additionally current on the interview, Gottstein stated it was extraordinarily essential for the chairman and CEO to work collectively intently and harmoniously within the present vital part.

Credit score Suisse is attempting to rebuild its status after struggling big losses this yr with provide chain finance funds linked to Greensill and the collapse of funding fund Archegos.

Gottstein stated the financial institution had completely analysed its steadiness sheet. “We didn’t discover any instances similar to Greensill or Archegos.”

Reporting by Silke Koltrowitz; Modifying by Kirsten Donovan

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