Credit Suisse names new CEO as losses widen

Switzerland's scandal-hit banking giant Credit Suisse said Wednesday it was appointing a new chief executive as higher litigation costs, financial market volatility and rising interest rates worldwide pushed it deeper into the red in the second quarter.

"Our results for the second quarter of 2022 are disappointing, especially in the investment bank division, and were also impacted by higher litigation provisions and other adjusting items," outgoing chief executive Thomas Gottstein said in a statement.

"The bank's performance was significantly affected by a number of external factors, including geopolitical, macroeconomic and market headwinds," said Gottstein, who at the same time announced his resignation at the helm of Switzerland's second-biggest bank.


"Today marks a leadership change for Credit Suisse," said Gottstein, who joined the executive board in 2015 and was appointed CEO in 2020. "It has been an absolute privilege and honour to serve Credit Suisse over these past 23 years."

Gottstein is to be replaced by Ulrich Koerner, currently head of asset management, with effect from August 1.

Koerner previously worked at Credit Suisse in different roles between 1998 and 2009 after which he worked at rival bank UBS between 2009 and 2020.