Since the chairman supported CEO Gottstein, Credit Suisse claims ‘nothing has changed’

Since the chairman supported CEO Gottstein, Credit Suisse claims 'nothing has changed'

The change could come as early as this year, the report said, and some board members are increasingly worried that Gottstein does not have a handle on the bank’s problems. Gottstein took on the top job in 2020 and has since steered the bank through a string of scandals, including regulatory blowback for spying on its executives and losses from the collapse of investment fund Archegos.

Following a News story that the bank was considering removing CEO Thomas Gottstein, Credit Suisse Group stated “nothing has changed” since Chairman Axel Lehmann approved him last month. In a statement, Credit Suisse said it does not comment on rumours or speculation, but added: “Thomas Gottstein was unambiguously backed by the Chairman. In this way, nothing has changed.” According to persons familiar with the situation, the board has undertaken preliminary discussions about removing Gottstein.

That prompted an exodus of key staff and wiped billions off the Zurich-based lender’s market value in 2021. In April this year, however, Lehmann told Swiss newspaper NZZ that he supports Gottstein and that roughly 10 key investors back the bank’s board and its strategy.

“With so many new appointments, you also need someone at the top who knows what makes the entire organization tick and who the key customers are,” Lehmann told NZZ. “At the moment, we have a good mix of continuity and change.”

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