Tuesday 13 July 2021 11:17 am

Credit Suisse's Swiss compliance head leaves with immediate effect after just four months

The head of compliance at Credit Suisse’s Swiss unit, Floriana Scarlato, is leaving the bank with immediate effect, even though she had only been in the role since March.

Scarlato will be taking up a new role outside the bank and her successor will be announced in due course, the financial giant confirmed.

Scarlato is also resigning from her role as SUB management committee member and from the executive board of Credit Suisse Switzerland.

Scarlato had been working through various roles for Credit Suisse including chief compliance officer of the International Wealth Management division since 2005 and eventually succeeded Erwin Grob who took over as head of compliance.

Her exit follows that of the bank’s chief risk and compliance officer, Lara Warner, in April. 

Bank Troubles

Credit Suisse was left with no choice but to tail off $10bn in funds following the collapse of supply chain finance firm Greensill.

Following on from the bank’s recent adversities, chairman Horta-Osorio has opted to investigate risk management strategies and to review the bank’s strategic options.

The new global chief operating officer of Credit Suisse Asset Management, Markus Ruetimann, joined to help the bank to recover from a range of scandals.

Moreover, Credit Suisse introduced a new role to combat the risks it takes in lending to investment banking clients and in other customer relationships sensitive to market moves.

Due to the fall of the Archegos, various of Credit Suisse’s investment bankers have stepped down from their roles.