People moves: facing the funds fallout music, CS changes chairs, and more
Natasha Rega-Jones, 07 April 2021
Credit Suisse faces some tough choices as it absorbs the extraordinary losses inflicted by the Greensill and Archegos fund fiascos and subsequent ratings hit. On April 6, the firm announced an estimated pre-tax loss of approximately Sfr900 million ($963 million) for the first quarter, including a charge of Sfr4.4 billion ($4.7 billion) in respect of Archegos. At the same time, the firm announced that investment bank CEO Brian Chin and chief risk and compliance officer Lara Warner were stepping down from their roles with immediate effect.
Christian Meissner, co-head of wealth management banking advisory and vice-chair of investment banking, will replace Chin in May. Meissner was previously head of global corporate and investment banking at Bank of America Merrill Lynch, and earlier co-CEO for EMEA at Lehman Brothers.
Joachim Oechslin is appointed interim CRO, effective immediately. Having served as CRO from January 2014 to February 2019, he had since been appointed as senior adviser and chief of staff to the CEO of Credit Suisse Group. Previously, he was group CRO for Munich Re Group from 2007.
Thomas Grotzer, the bank’s general counsel, has been appointed interim global head of compliance for the group.
