Tuesday 27 July 2021 10:41 am

Credit Suisse appoints new chief risk officer after Greensill and Archegos scandals

Credit Suisse Group has appointed Goldman Sachs banker David Wildermuth as the new chief risk officer, following recent multibillion-dollar scandals.

Wildermuth will replace Lara Warner, who was pushed out in April down as chief risk and compliance officer in the wake of the implosion of the Archegos family investment firm that cost the Swiss bank $5.5bn (£4bn).

The separate fall of supply chain firm and financing partner Greensill Capital forced the bank to close $10bn (£7.2bn) in linked funds.

The appointment is the latest in Credit Suisse’s leadership reshuffle in an effort to improve its risk management strategy, as pledged by its recently appointed chairman António Horta-Osório.

Earlier this month, Amélie Perrier was named head of counterparty market risk and Floriana Scarlato left the bank with immediate effect after four months as head of compliance. Markus Ruetimann, an ex-UBS manager, was also appointed as the new global chief operating officer of Credit Suisse Asset Management.

Wildermuth will be based in Zurich and will also report to group CEO Gottstein. He will also be a member of the executive board.

Wildermuth was with Goldman Sachs for over two decades, where he was deputy chief risk officer and held other senior roles since joining as vice president in 1997.

Until he takes up the role at the Swiss bank on 1 February of next year, Joachim Oechslin will continue to serve as ad interim chief risk officer.

After the handover, Oechslin will reassume a senior role as a strategic advisor to the group chief executive officer, Thomas Gottstein.

“David joins with an impressive track record, underlining our firm commitment to further enhance our risk management across the bank. He is the right person to lead and further strengthen our risk organization,” said Gottestein.