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Credit Suisse strategy unveil on track after “relentless” work

by Mike Robinson

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© Reuters. FILEPHOTO: Credit Suisse signs are visible on the Manhattan borough’s Americas headquarters. This sign was placed September 1, 2015. REUTERS/Mike Segar/File Photo

Brenna Hughes Neghaiwi

ZURICH, Reuters – Credit Suisse continues to plan its strategy overhaul for this year. After “working tirelessly to fix the issues that have been keeping us back”, chairman Antonio Horta Osorio stated on Friday.

Horta-Osorio declared that the bank had made “significant progress” in deliberating and assessing the strategic options of its bank. He also stated in a speech broadcast to the extraordinary general assembly of shareholders, where he announced the appointments of two risk-experts to the board.

He stated, “Once we have a strategy in place and it is announced, then we will continue to implement it diligently and relentlessly.”

Horta Osorio was the one who joined Credit Suisse (SIX) In April, a British bank Lloyds (LON) CEO, said that he will examine the bank’s culture and risk management in light of the two crises. He also plans to review strategic options.

As the Portuguese banker, “AHO” is now known, he expects to determine a new strategy to be adopted by Switzerland’s second largest lender. He recently backed Chief Executive Thomas Gottstein to keep the job.

“The board is working with me on this matter together with our management team led by Thomas Gottstein, who I am very close to. “He has the board’s complete support,” he declared on Friday.

Axel Lehmann (ex-executive at UBS) was elected with 98.87% support. Juan Colombas who is an executive director and member the audit and risks committees of Dutch bank ING Group, (NYSE:), since 2020 received 98.75%.

Credit Suisse intends to name Lehmann chair of its risk committee.

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