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Credit Suisse’s New Chairman Signals Possible Shakeup After Woes

Updated on
  • Horta-Osorio vows to examine risk, strategy and culture
  • Says CEO Gottstein has the backing of the board of directors
Antonio Horta-Osorio

Antonio Horta-Osorio

Photographer: Jason Alden/Bloomberg

Credit Suisse Group AG Chairman Antonio Horta-Osorio said he plans a thorough assessment of the bank’s “strategic options” after the twin hits from the collapse of Archegos Capital Management and Greensill Capital eroded confidence.

While he backed Chief Executive Officer Thomas Gottstein at the bank’s annual general meeting, the new chairman left little doubt about his appetite for change. The recent missteps at the Swiss lender, he said, went beyond any crises he had lived through over three-and-a-half decades working at banks.