The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.
Arnd Wiegmann | Reuters
Credit Suisse board member and risk committee chairman Andreas Gottschling will not stand for reelection, the Swiss bank said on Friday, as the crisis over Greensill and Archegos claims more members of the lender’s leadership.
Gottschling is leaving after proxy advisor Glass Lewis as well as some of the bank’s big investors opposed his reelection to the board at the shareholders meeting due to be held on Friday, saying he needed to be held accountable for investments made by the bank that imploded this year.
Credit Suisse is raising capital, and has halted share buybacks, cut its dividend and revamped management after losing at least $4.7 billion from the collapse of family office Archegos, and after the bank suspended funds linked to insolvent supply chain finance company Greensill.
“Andreas Gottschling has informed the Board that he will not stand for reelection at the Credit Suisse 2021 Annual General Meeting of Shareholders,” Credit Suisse said in a short statement.
Chief Risk and Compliance Officer Lara Warner and investment banking head Brian Chin, have both left the bank following the losses.
The annual shareholders meeting is due to start at 0830 GMT.