Credit Suisse Gets Ready For Another Round Of Management Shakeup: WSJ

  • Credit Suisse Group AG CS is preparing for another management shuffle after a year of crisis, the Wall Street Journal reported citing people familiar with the matter said.
  • The bank said that decisions had not been made, but it is reviewing senior appointments and succession plans. 
  • The chief financial officer, general counsel, and Asia's head could be shifted. According to the people, a search was underway last fall for a new general counsel.
  • Also Read: US Banking Giants JPMorgan, Goldman Exit Russia Over Ukraine Crisis, Others May Follow: Report.
  • CFO David Mathers has been in his role since 2010, and Romeo Cerutti has been the top lawyer since 2009. The Asia head, Helman Sitohang, has held senior roles at the bank for more than a decade. 
  • Swiss newspaper NZZ reported on the possible moves at Credit Suisse earlier Sunday.
  • Earlier this month, Credit Suisse warned it would have a loss in the first quarter from rising litigation costs and loan losses related to Russia.
  • Litigation provisions will be about $740 million in the quarter because of developments in legal cases. 
  • Credit Suisse said results would be hit by roughly $212 million in negative revenues and loan-loss provisions stemming from Russia's invasion of Ukraine and that business activity, in general, was lower. 
  • Price Action: CS shares are down 2.37% at $7.01 during the premarket session on the last check Monday.
  • Photo via Wikimedia Commons

Posted In: Briefswhy it's movingFintechLarge CapNewsManagementMoversTrading IdeasGeneral

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