Körner’s new role will begin 1st April 2021, when he will also begin duties as a member of the Group’s Executive Board, reporting directly to Group CEO Thomas Gottstein. Credit Suisse Group has announced a shake-up of its upper executive level following the consecutive disasters it absorbed from the collapse of the Archegos Capital Management hedge fund and the freezing of $10 billion in investment funds connected to Greensill Capital, a failed British-based supply chain finance firm. Separately, Credit Suisse announced the appointment of Ulrich Körner as CEO Asset Management and a member of the Executive Board of Credit Suisse Group, effective April 1. Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We may share or retweet such messages through certain of our regional accounts, including through Twitter at @csschweiz (https://twitter.com/csschweiz) and @csapac (https://twitter.com/csapac). Thematic fund manager Holger Frey has left RobecoSAM to take on the environmental impact fund at Credit Suisse, Citywire Selector has learned.. (Kitco News) - Swiss investment bank Credit Suisse have had its say on the recent move lower in gold. the ability to maintain sufficient liquidity and access capital markets; market volatility and interest rate fluctuations and developments affecting interest rate levels, including the persistence of a low or negative interest rate environment; the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of negative impacts of COVID-19 on the global economy and financial markets and the risk of continued slow economic recovery or downturn in the EU, the US or other developed countries or in emerging markets in 2021 and beyond; the emergence of widespread health emergencies, infectious diseases or pandemics, such as COVID-19, and the actions that may be taken by governmental authorities to contain the outbreak or to counter its impact; potential risks and uncertainties relating to the severity of impacts from COVID-19 and the duration of the pandemic, including potential material adverse effects on our business, financial condition and results of operations; the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets; adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures; the ability to achieve our strategic goals, including those related to our targets, ambitions and financial goals; the ability of counterparties to meet their obligations to us and the adequacy of our allowance for credit losses; the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies; the effects of currency fluctuations, including the related impact on our business, financial condition and results of operations due to moves in foreign exchange rates; political, social and environmental developments, including war, civil unrest or terrorist activity and climate change; the ability to appropriately address social, environmental and sustainability concerns that may arise from our business activities; the effects of, and the uncertainty arising from, the UK’s withdrawal from the EU; the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; operational factors such as systems failure, human error, or the failure to implement procedures properly; the risk of cyber attacks, information or security breaches or technology failures on our reputation, business or operations, the risk of which is increased while large portions of our employees work remotely; the adverse resolution of litigation, regulatory proceedings and other contingencies; actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and policies in countries in which we conduct our operations; the effects of changes in laws, regulations or accounting or tax standards, policies or practices in countries in which we conduct our operations; the expected discontinuation of LIBOR and other interbank offered rates and the transition to alternative reference rates; the potential effects of changes in our legal entity structure; competition or changes in our competitive position in geographic and business areas in which we conduct our operations; the ability to retain and recruit qualified personnel; the ability to maintain our reputation and promote our brand; the ability to increase market share and control expenses; technological changes instituted by us, our counterparties or competitors; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets; and. Ulrich Körner is a proven financial expert with deep Executive Board level experience in the financial services industry spanning the areas of asset management, finance and operations. We do not intend to update these forward-looking statements. Grotzer was general counsel and a member of the executive board of Credit Suisse (Schweiz) AG since 2016. Credit Suisse is one of the world's leading financial services providers. *The location of origin is defined in your browser settings and may not be identical with your citizenship and/or your domicile. The investigations will be conducted by external parties supervised by a board-appointed special committee. +41 844 33 88 44 Urs Rohner, Chairman of Credit Suisse, said: “I am very pleased to welcome Ulrich Körner back to Credit Suisse, where he had a successful career in various Executive Board level roles. Credit Suisse has deployed the nuclear option in its move to appoint liquidators to Sanjeev Guptas Whyalla steelworks and Tahmoor metallurgical coal mine. After sitting on the sidelines, observing a succession of large losses mostly gestated by his predecessor, Gottstein has finally dispensed with two of the people he previously favoured: head of the investment bank Brian Chin, and head of risk and compliance Lara Warner. Stress among junior bankers has come into focus after a survey by 13 Goldman Sachs first year analysts highlighting their 95 hour working week went viral. It has been prepared solely for information purposes and for the use of the recipient. The investigations will be conducted by external parties supervised by a board-appointed special committee. These factors include: We caution you that the foregoing list of important factors is not exclusive. ZURICH — Credit Suisse is exiting its domestic wealth management business in Austria and referring a portion of its wealthy clients to Liechtensteinische Landesbank while others will be served abroad, it said on Wednesday. The supply chain financier began to unravel last week after losing insurance coverage for its debt repackaging business, prompting Credit Suisse to freeze funds linked to it. Credit Suisse Logo, leads back to the home page, revamp14.Back_x0020_to_x0020_the_x0020_home_x0020_page, https://www.linkedin.com/company/credit-suisse/, https://www.instagram.com/creditsuisse_careers/, https://www.instagram.com/creditsuisse_ch/, Senior Advisor to the CEO of UBS Group (2019-2020), CEO of UBS Europe, Middle East & Africa (2011-2019), Group Chief Operating Officer, CEO of Corporate Center (2009-2013), Chief Financial Officer and Chief Operating Officer (since 2004) of Credit Suisse/Credit Suisse Financial Services (2002-2005). By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. Financial Woes: Credit Suisse also announced investigations would be conducted into the Credit Suisse asset-management-managed supply chain finance funds and the Archegos collapse, which cost the company $4.7 billion. Credit Suisse Direct, our secure Online & Mobile Banking service for private clients, makes banking a joy. Your email address will not be published. Visit your regional site for more relevant services, products and events. “Credit Suisse remains a formidable institution with a rich history.”. The company in question is Archegos Capital Management, according to media reports. This story originally appeared on Benzinga. Archegos was founded by Bill Hwang, former equity analyst at Tiger Management. Our intuitive navigation quickly takes you where you want to go. Benzinga does not provide investment advice. In addition, the bank has informed the charges in … Credit Suisse's maneuvering in the Greensill funds scandal reveals a power vacuum at the top of the bank. Further information about Credit Suisse can be found at www.credit-suisse.com. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Information referenced in this document, whether via website links or otherwise, is not incorporated into this document. All rights reserved. Financial Woes: Credit Suisse also announced investigations would be conducted into the Credit Suisse asset-management-managed supply chain finance funds and the Archegos collapse, which cost the company $4.7 billion. The English language version of this document is the controlling version. other unforeseen or unexpected events and our success at managing these and the risks involved in the foregoing. Subsequent to the announcements regarding the Credit Suisse Asset Management (CSAM) managed supply chain finance funds, the Board of Directors of Credit Suisse Group AG today announced the appointment of Ulrich Körner as CEO Asset Management and a member of the Executive Board of Credit Suisse Group, effective April 1, 2021. Cautionary statement regarding forward-looking information. Together with the board of directors, we are fully committed to addressing these situations. Required fields are marked *, Copyright © 2021 CFO. Late Monday, Bloomberg cited an anonymous source in reporting Credit Suisse Group sold roughly $2.3 billion in stocks tied to the Archegos debacle. Credit Suisse is expected to try to retain a stake in any deal involving the business, which could also be spun out and listed in Zurich, the sources said. Such forward-looking statements may include, without limitation, statements relating to the following: Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We use cookies to optimize your experience on our website and for analytics and advertising purposes. We caution you that a number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions expressed in such forward-looking statements and that the COVID-19 pandemic creates significantly greater uncertainty about forward-looking statements in addition to the factors that generally affect our business. The current Global Head Asset Management, Eric Varvel, will work alongside Ulrich Körner in the coming months to facilitate the transition, and will then focus on his other roles as CEO Credit Suisse Holdings (USA) and Chairman of the Investment Bank.
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