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Financials

Credit Suisse mulls replacing CEO Gottstein as soon as this year - Bloomberg News

May 13 (Reuters) - Credit Suisse Group AG’s board has held early talks on potentially replacing Chief Executive Officer Thomas Gottstein, Bloomberg News reported on Friday, citing people familiar with the matter.

The bank was not immediately available to comment on the report.

The change could come as early as this year, the report here said, and some board members are increasingly worried that Gottstein does not have a handle on the bank's problems.

Gottstein took on the top job in 2020 and has since steered the bank through a string of scandals, including regulatory blowback for spying on its executives and losses from the collapse of investment fund Archegos.

That prompted an exodus of key staff and wiped billions off the Zurich-based lender’s market value in 2021.

In April this year, however, Chairman Axel Lehmann told Swiss newspaper NZZ that he supports Gottstein and that roughly 10 key investors back the bank’s board and its strategy.

“With so many new appointments, you also need someone at the top who knows what makes the entire organization tick and who the key customers are,” Lehmann told NZZ. “At the moment, we have a good mix of continuity and change.”

Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Devika Syamnath

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