Scandal-stricken Credit Suisse continues shake-up

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imageStock Markets8 hours ago (Jul 12, 2021 10:00)

© Reuters. FILE PHOTO: A logo of Credit Suisse is pictured on a building in Geneva, Switzerland, November 8, 2017. REUTERS/Denis Balibouse/File Photo

By John Miller

ZURICH (Reuters) -Credit Suisse announced the departure of its Swiss chief compliance officer on Monday as recently appointed Chairman Antonio Horta-Osorio shakes up the bank in the wake of a series of costly blunders.

The bank was forced to wind down $10 billion in funds linked to collapsed supply chain finance firm Greensill and suffered billions in losses after family office Archegos imploded.

On Monday it said Floriana Scarlato, compliance boss at Swiss Universal Bank (SUB) just since March 1, would leave with immediate effect to pursue opportunities elsewhere.

Scarlato, who joined in 2005, was previously chief compliance officer at Credit Suisse (SIX:CSGN)’s International Wealth Management division, where sources say a post-Greensill overhaul is now under consideration.

Horta-Osorio, who took over two months ago, has vowed to scrutinise risk management and culture following Credit Suisse’s serial mishaps, as well as to review the bank’s strategic options for the bank.

Separately, the bank named Markus Ruetimann as new global chief operating officer of Credit Suisse Asset Management, turning to the ex-UBS manager to help it recover from repeated crises.

He will join Ulrich Korner, another former UBS executive named in March to lead asset management.

The bank said Scarlato is also stepping down from her posts as SUB management committee member and from the executive board of Credit Suisse (Switzerland) Ltd.

“Floriana Scarlato’s successor will be announced in due course,” Credit Suisse said in a statement.

Her exit follows that of the bank’s chief risk and compliance officer, Lara Warner, in April.

Scandal-stricken Credit Suisse continues shake-up

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