Macaskill on markets: Building a better bank board
Credit Suisse is stacking its board with risk management experts, but banks need to do more than fight the last war they lost.
Credit Suisse is adding two risk management experts to its board of directors. Axel Lehmann, a former chief operating officer of UBS and veteran of risk management roles at Zurich Insurance Group, will join Juan Colombas, a fellow risk expert from Lloyds and Santander, if their appointments are approved on October 1.
António Horta-Osório, Credit Suisse’s chairman, hailed their arrival as part of his push to overhaul the firm. “They will make an invaluable contribution as we shape the bank’s strategic realignment and enhance our culture of risk management and personal responsibility and accountability,” he said.
The appointments follow the hiring of David Wildermuth from Goldman Sachs as a new chief risk officer and the reappointment of some experienced risk professionals who had left the bank or been moved aside before the Archegos Capital debacle.
It accordingly seems fairly safe to assume that Credit Suisse won’t lose another $5.5 billion in exposure to a little-known fund manager any time soon.
It seems just as likely that investors and analysts will soon start complaining about missed revenue opportunities at Credit Suisse, however.
It seems fairly safe to assume that Credit Suisse won’t lose another $5.5