Mayday for Credit Suisse as Gottstein battles to contain crisis

By David Rothnie
22 Apr 2021

When António Horta-Osório takes over as chairman of Credit Suisse on May 1, he will be fighting fires on all fronts. While the bank has a relatively strong capital position, boosted by a $2bn fundraising announced on Thursday, shareholders are demanding answers over strategy and controls. Perhaps more ominously, the Swiss regulator Finma has instigated enforcement proceedings, writes David Rothnie.

Horta-Osório may reflect on the maxim “never waste a good crisis”, but when he began sketching out his wish-list after agreeing to take over from chairman Urs Rohner a year ago, dealing with a catastrophe was probably not uppermost in his mind.

The new chairman is now set to ...

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