Credit Suisse Group is reportedly set to announce the departure of chief executive Thomas Gottstein, as part of an effort to turnaround the Swiss bank’s struggling fortunes.
An announcement could come as soon as Wednesday, according to The Wall Street Journal, when the bank is set to release its quarterly results.
Credit Suisse flagged in June that it would report its third quarterly loss in a row.
Gottstein has headed the bank since the start of the pandemic and presided over a series of costly mishaps.
This includes the recent implosions of clients Greensill Capital and Archegos Capital Management in early 2021.
He was also tasked with leading the bank’s cleanup, but has struggled to convince investors that Credit Suisse is on a stable footing.
The Wall Street Journal couldn’t determine who would eventually replace Gottstein.
When approached by City A.M., Credit Suisse Group declined to comment.