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Credit Suisse’s New Chairman Sends Chill Through Investment Bank

Horta-Osorio speaks of other units as ‘ancillary’ to wealth
Bankers are parsing his language for clues on strategy review

Antonio Horta-Osorio — Antonio Horta-Osorio
Source: Simon Dawson/Bloomberg

By

Ambereen Choudhury,

Marion Halftermeyer,

Jan-Henrik Foerster and

Patrick Winters

June 24, 2021, 7:29 AM UTC

Credit Suisse Group AG investment bankers expecting new Chairman Antonio Horta-Osorio to boost their spirits after an exodus of top talent were left disappointed during a recent meeting in London.

The former Lloyds Banking Group Plc chief executive officer, in response to questions, told bankers who’d gathered in person and virtually for the event that the firm had a great wealth management business “with ancillary services,” according to several people who heard the remarks.