Credit Suisse Team AG enlisted two heavyweights of European banking to be part of its board and assistance supervise threats following dropping $5.5 billion from unsuccessful relatives business Archegos Funds Management.
The Swiss bank proposed Axel Lehmann, a former UBS Group AG govt, and Juan Colombas, a former lieutenant to Credit score Suisse Chairman António Horta-Osório, for board election in Oct. If permitted by shareholders, Mr. Lehmann will develop into chair of the board’s hazard committee, a position vacated by Andreas Gottschling in April soon after shareholders refused to back his re-election.
Mr. Lehmann has labored at UBS for additional than a 10 years, to begin with as a board member concerning 2009 and 2015, right before becoming a member of its executive workforce as main operating officer. He became president for personal and company banking and for UBS Switzerland, and then stepped down in January. Although he was on the UBS board, he was main risk officer for Zurich Insurance policy Team, wherever he put in virtually 20 several years.
Mr. Colombas worked for decades with Mr. Horta-Osório, very first at Banco Santander SA and then Lloyds Banking Group PLC, where by Mr. Horta-Osório was chief govt till April. Mr. Colombas held senior chance and functions roles at the two banking institutions, and considering that leaving Lloyds in 2020 has been on the board of ING Groep .
Mr. Horta-Osório explained the two guys would assistance shape Credit score Suisse’s strategic realignment, and “enhance our culture of threat management and personalized accountability and accountability.”