Credit Suisse revealed on Wednesday it has appointed Ulrich Körner as the new Group Chief Executive Officer. The appointment will take effect on 1 August, the company confirmed.
Körner succeeds Thomas Gottstein who has resigned following a series of scandals.
Thomas Gottstein, CEO of Credit Suisse, commented:
Thomas Gottstein
Today marks a leadership change for Credit Suisse. It has been an absolute privilege and honor to serve Credit Suisse over these past 23 years. It has been my passion since day one to deliver best-in-class service to our clients.
Having rejoined the bank in April 2021, Körner has served as head of Asset Management. Prior to 11 years at UBS in executive and leadership positions, he worked at Credit Suisse before. During that time, Körner served in several roles, including Chief Financial Officer and Chief Operating Officer of the financial services unit and CEO of Switzerland business.
This is a challenging undertaking but at the same time represents a great opportunity to position the bank for a successful future and realize its full potential.
Gottstein took the helm of the bank in 2020 after the resignation of then CEO Tidjane Thiam following a spying scandal.
Second quarter results
The Swiss bank also reported massive losses in it second quarter results. According to the numbers, net revenues stood at CHF 3.6 billion($3.74 billion), seeing a 29% drop comparted to the previous year and 17% from the prior quarter.
Net losses reached CHF 1.59 billion ($1.65 billion) in the first quarter, much below the market expectation which was around CHF 398.16 million.
Gottstein called the quarter “disappointing” in an official stamen and admitted that the bank was “significantly affected by a number of external factors, including geopolitical, macroeconomic and market headwinds.”
He stated:
These challenging circumstances led to results which overshadow the strength of our leading client franchises in all four divisions of the bank. The urgency for decisive action is clear and a comprehensive review to strengthen our pivot to the Wealth Management, Swiss Bank and Asset Management businesses, supported by a fundamental transformation of our Investment Bank, is underway.
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