Former Goldman Sachs banker David Wildermuth is reshaping Credit Suisse's risk management. Two more executives are joining him.
Following a series of scandals, Credit Suisse hired David Wildermuth as its new chief risk officer (CRO) from US rival Goldman Sachs last summer. Now Wildermuth filled two key positions with managers from his old employer, «Financial News» (paywall) reported, citing an internal bank memo. The memo's content was confirmed by the bank upon request.
According to the memo, Nicolas Friedman is newly appointed as head of risk for investment banking & capital markets (IBCM) effective November 4, working out of New York. He joins from Goldman Sachs, where he was head of credit risk for the global markets division. Another new hire from Goldman is Craig Bricker, who is expected to take control of a new risk analysis and resolution group, the memo said. That will be a key component of the transformation, according to Wildermuth.
Internal Reshuffling
Ben Wilkinson is moving from Credit Suisse's investment bank to head of risk in the wealth management unit, while Greg Frenzel is promoted to chief credit risk officer. Credit Suisse also created a team focused on reputational risk, among other areas, following a series of scandals that hit the bank's share price hard over the past two years.
Thomas Herrmann has been appointed head of the newly formed corporate risk team, bringing together reputational, sustainability, and climate risks, the memo further said. Anne-Claude Rouiller becomes the global head of reputational risk, reporting to Herrmann.
