Wednesday 8 September 2021 9:54 am

Credit Suisse names new compliance chief after Greensill and Archegos scandals

Credit Suisse has named Rafael Lopez Lorenzo as its new chief compliance officer less than six months after several senior executives left the bank, which is still recovering from the twin scandals of Archegos Capital Management and Greensill Capital.

From 1 October Lorenzo, who is currently the head of group internal audit, will take over from Thomas Grotzer, according to a statement by Credit Suisse. Grotzer has occupied the position on an interim basis since April when Lara Warner left the firm after the collapse of Archegos.

The announcement comes as the Swiss bank makes a series of new appointments in an attempt to move past the damage of the twin crises. In July Credit Suisse hired David Wildermouth from Goldman Sachs as its chief risk officer – another role previously held by Warner – according to Bloomberg.

The bank also announced the appointment of Christine Graeff as its global head of human resources in a statement published today.

“These two appointments,” said Gottstein and chairman António Horta-Osório in a joint statement, “reflect the talent in Credit Suisse and the diversity of backgrounds and experience in our bank.  They will both contribute to shaping and implementing the strategy of the bank going forward.”

Lorenzo will report directly to the group CEO, Thomas Gottstein.

With a background in audit and banking Lorenzo joined Credit Suisse in 2015 from JP Morgan Chase. He “played a pivotal role in the review of recent incidents” and “will be key in leading the future. Compliance function,” the company said in a statement.