The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

As Gottstein leaves, Credit Suisse takes another axe to its wounded investment bank

A new chairman and chief executive at the Swiss bank once again struggle with how to build an investment bank for tomorrow from one that is floundering badly today.

Photo: Reuters

There’s panic in the air at Credit Suisse.

In the light of a SFr900 million ($936 million) loss in the investment bank for the second quarter of 2022, new chairman Axel Lehmann has decided to tear up his predecessor’s strategic review of the group and undertake a new one that will shrink the investment bank even further.

He has also “accepted the resignation” of group chief executive Thomas Gottstein and promoted Ulrich Körner, who only arrived from UBS in 2021 to head asset management, the smallest of the bank’s four business divisions, to replace him.

Thomas Gottstein

Körner will now lead a group dominated by its private bankers and investment bankers through yet more change as its highly experienced chief financial officer, David Mathers, heads for the exit, eventually to be followed – according to the Financial Times, which broke news of Gottstein’s replacement – by the new head of the investment bank, Christian Meissner.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?