Credit Suisse Plans Strategic Review as It Replaces CEO

Author: Editors Desk Source: WSJ:

July 27, 2022 at 11:43

Credit Suisse flagged in recent months that wealth clients were reducing debt and buying fewer products and investments. PHOTO: STEFAN WERMUTH/BLOOMBERG NEWS

Lender names Ulrich Körner as chief executive and launches review to pare back its investment bank further

Credit Suisse CS 4.79%▲ Group AG named Ulrich Körner as its next chief executive and charged him to lead a fresh effort to stabilize the bank after financial losses and scandals.

The troubled Swiss bank has been trying to repair its business managing rich people’s wealth and operating a Wall Street investment bank. On Wednesday, it launched a new strategic review to pare back the investment bank further and slash its overall costs.

Mr. Körner joined Credit Suisse in March 2021 to head its asset management business. He held top jobs at rival UBS Group AG for around 11 years where he helped manage the bank’s post-financial crisis rebuilding. He was with Credit Suisse before that.

The bank has a global financial footprint with more than 50,000 employees. It combines a wealth-management arm catering to the world’s elite and a Wall Street investment bank focused on corporate deal making, bond sales and initial public offerings.

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