The new chair of Credit Suisse has a long-standing career in finance, but reportedly just one notable blemish.
Zurich-based Credit Suisse deposed its chairman following a weekend of negotiating, as finews.com reported on Monday. Axel Lehmann, a former UBS top executive who joined Credit Suisse's board in October, is taking over with immediate effect.
The 63-year-old may not have fully observed a cooling-off period after leaving UBS, «Bilanz» (in German) pointed out in September. «Lehmann was employed by UBS until the end of July and will be elected to the board of its largest rival on October 1, the Swiss outlet reported.
Credit Suisse didn't comment. The short interval between Lehmann's being part of top management at Switzerland's largest bank to chairing its second-largest represents a blemish.
Know-How For Rival
Credit Suisse noted when proposing Lehmann that «he was most recently a member of the group executive board of UBS Group AG, initially as group chief operating officer and then as president personal and corporate banking and president UBS Switzerland, positions he stepped down from as of January 31, 2021.»
Lehmann apparently left the operational management earlier than leaving top management. UBS may be irritated that its former top Swiss banker and operations chief will take considerable know-how to his new role at its biggest rival.
