{"id":119827,"date":"2021-08-13T07:24:10","date_gmt":"2021-08-13T07:24:10","guid":{"rendered":"https:\/\/fin2me.com\/?p=119827"},"modified":"2021-08-13T07:24:10","modified_gmt":"2021-08-13T07:24:10","slug":"credit-suisse-proposes-adding-two-risk-experts-to-its-board","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/credit-suisse-proposes-adding-two-risk-experts-to-its-board\/","title":{"rendered":"Credit Suisse proposes adding two risk experts to its board"},"content":{"rendered":"
FILE PHOTO: Switzerland’s national flag flies below a logo of Swiss bank Credit Suisse at its headquarters at the Paradeplatz square in Zurich, July 31, 2019. REUTERS\/Arnd Wiegmann\/File Photo\/File Photo<\/figcaption>

ZURICH (Reuters) – Credit Suisse wants to appoint two risk experts to its non-executive board, Switzerland\u2019s second biggest bank said on Friday, as it seeks to repair the damage caused by the Archegos and Greensill affairs.<\/p>\n

New Chairman Antonio Horta-Osorio has made risk and cultural change a top priority after the bank lost more than $5 billion in the rush to unwind trades by family office Archegos and the collapse of $10 billion in funds backed by insolvent supply chain finance firm Greensill Capital.<\/p>\n

Credit Suisse has proposed former UBS executive Axel Lehmann to join its board and become chairman of its risk committee. The Swiss executive has a \u201ca wealth of experience in risk management,\u201d the bank said.<\/p>\n

It also proposed Juan Colombas, who has been an executive director and member of the Audit and Risk Committees at Dutch bank ING Group since 2020.<\/p>\n

The bank has called an extraordinary general meeting on Oct. 1 for the pair to be elected to its non-executive board.<\/p>\n

\u201cWith their deep experience in risk management and business leadership, and both with careers spanning approximately three decades in financial services, they will make an invaluable contribution as we shape the bank\u2019s strategic realignment and enhance our culture of risk management and personal responsibility and accountability,\u201d said Horta-Os\u00f3rio in a statement.<\/p>\n

A \u201clackadaisical\u201d attitude towards risk and \u201ca lack of accountability\u201d were to blame for Credit Suisse\u2019s $5.5 billion loss on investment fund Archegos, according to a review published last month.<\/p>\n

Credit Suisse said action has been taken against 23 staff members over Archegos, with nine fired and a total of $70 million in monetary penalties taken from all of them.<\/p>\n

The bank\u2019s chief risk and compliance officer, Lara Warner, has also left the bank in April in the wake of the affair.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: Switzerland’s national flag flies below a logo of Swiss bank Credit Suisse at its headquarters at the Paradeplatz square in Zurich, July 31, […]<\/p>\n","protected":false},"author":3,"featured_media":119826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nCredit Suisse proposes adding two risk experts to its board - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/credit-suisse-proposes-adding-two-risk-experts-to-its-board\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Suisse proposes adding two risk experts to its board - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: Switzerland’s national flag flies below a logo of Swiss bank Credit Suisse at its headquarters at the Paradeplatz square in Zurich, July 31, [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/credit-suisse-proposes-adding-two-risk-experts-to-its-board\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-13T07:24:10+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/08\/Credit-Suisse-proposes-adding-two-risk-experts-to-its-board.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/credit-suisse-proposes-adding-two-risk-experts-to-its-board\/\",\"url\":\"https:\/\/fin2me.com\/business\/credit-suisse-proposes-adding-two-risk-experts-to-its-board\/\",\"name\":\"Credit Suisse proposes adding two risk experts to its board - 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