Credit Suisse is reportedly considering shaking up its senior management team to stabilize the loss-making bank, with plans to potentially let go of top leaders including Asia chief Helman Sitohang.
Several Credit Suisse executives are set to step down, according to a report by Swiss newspaper «NZZ am Sonntag» that cited unnamed sources.
They ostensibly include APAC CEO Helman Sitohang, chief financial officer David Mathers and chief legal officer Romeo Cerutti – the three longest-serving individuals from the bank’s 12-member executive board.
«As part of this work, senior management under the leadership of the group CEO together with the board of directors is regularly discussing succession plans and is reviewing senior appointments for certain positions, including for certain legal entities, regions and the executive board,» said a spokesperson for the bank in response. «However, no board decisions have been taken and we will communicate at the appropriate time.»
Q1 Losses Flagged
Even after a turbulent 2021 for Credit Suisse, including the downfall of family office Archegos and the collapse of Greensill supply chain finance funds, stability remains seemingly out of reach.
Last week the Swiss bank flagged more losses for the first quarter of 2022 due to increased provisions, slower business activity and a financial hit from the fallout of the Russia-Ukraine conflict.
The bank is scheduled to report its quarterly results this Wednesday and hold its AGM on Friday.
