Credit Suisse Group AG updates
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Credit Suisse is drafting in UBS’s former chief operating officer to lead the board’s risk committee, as new chair António Horta-Osório reinforces the bank’s defences following a spate of scandals.
Axel Lehmann, who left UBS in January, is set to join the Credit Suisse board on October 1. Juan Colombas, who served in risk roles at Lloyds Banking Group and Santander under Horta-Osório, is also due to join the Credit Suisse board.
Credit Suisse’s reputation for risk management has been hit this year by the twin crises surrounding specialist finance firm Greensill Capital and family office Archegos. The two incidents have led to Credit Suisse liquidating $10bn of investment funds and losing $5.5bn in the worst trading loss in its 165-year history.
A damning report into the Archegos losses, published last month, described a “fundamental failure of management and controls” in Credit Suisse’s investment bank and a “lackadaisical attitude…