As the company announced on Wednesday morning, Ulrich Körner will be the new head of CS. He had previously been head of the asset management division of the major bank. This confirmed media reports from the previous evening.
Körner will take over the management of the bank on Monday, it said. At the same time, it was announced that Credit Suisse was already writing its third negative quarterly result in a row. In the second quarter of 2022, the second largest Swiss bank made a loss of CHF 1,593 million (EUR 1.63 billion), as CS announced on Wednesday.
The loss had already been announced in June. According to the information, the overall result is pulled into the red by a loss at the investment bank. The division is likely to have suffered greatly from the difficult financial market environment in recent months.
Gottstein has managed the bank since mid-February 2020. Predecessor Tidjane Thiam had to resign due to a shadowing affair. However, under Gottstein’s stewardship, the bank has once again suffered a series of costly debacles, including the collapses of Greensill Capital and Archegos Capital Management in early 2021.
Gottstein should have been in charge of restructuring the bank, but the wave of negative reporting never stopped. It was announced on Tuesday that the bank had to pay $607 million in a dispute with former Georgian Prime Minister Bidzina Ivanishvili, according to a court in Bermuda.
Source: Nachrichten
