New Credit Suisse boss Antonio Horta-Osorio to unveil major shake-up at the scandal-hit bank
Former Lloyds boss Antonio Horta-Osorio is today expected to shake up Credit Suisse as he tries to bring it to heel and draw a line under scandals that have cost billions.
Over the past year, the bank has been fined for a fraudulent loan to Mozambique, tarnished by its involvement with defunct financier Greensill, racked up £4billion in losses when US family office Archegos collapsed, and rebuked for spying on executives.
It drafted Horta-Osorio as chairman in April to stop the rot and his plans to reform Switzerland’s second-biggest bank will be announced, with third-quarter results, today.
Safe hands: Credit Suisse drafted in former Lloyds boss Antonio Horta-Osorio in April following a string of scandals that have cost the Swiss bank billions of dollars
The expectations are that a single wealth management division for the global elite will be centralised at headquarters in Zurich.
Merging the divisions – a Swiss business, an Asia-Pacific arm and an international arm – would make Credit Suisse simpler and pave the way for cost cuts.
It would also rein in local bankers, making them more answerable to senior managers who have often been blindsided by the risks that triggered past scandals.
Credit Suisse declined to comment.