Saturday 1 May 2021 10:03 am

New Credit Suisse chair Horta-Osório says bank’s crisis is worst he’s seen

New Credit Suisse chair António Horta-Osório has told investors the recent crisis at the bank is the worst he has seen in his career.

Speaking at an annual meeting yesterday the former Lloyds boss told investors the situation at Credit Suisse was severe.

Read more: Credit Suisse’s ravaged reputation is salvageable but it will be a long slog

“I have personally worked at and led several banks in different countries and have lived through many crises,” he told investors.

“What has happened with Credit Suisse over the last eight weeks, with the US-based hedge fund and the supply chain finance funds matters, certainly goes beyond that.”

The new chair is no stranger to crises. In his last role, Horta-Osório picked up the pieces at Lloyds after the financial crash.

Read more: Antonio Horta-Osorio signs off at Lloyds with a £1.4bn post-tax profit

The Portuguese banker promised an urgent review of risk management, strategy and culture at the bank, the Financial Times first reported.

“Current and potential risks of Credit Suisse need to be a matter of immediate and close scrutiny,” he added, “I firmly believe that any banker should be at heart a risk manager.”

Credit Suisse has been hit hard by the collapse of Achegos and Greensill Capital.

The Swiss bank posted pre-tax loss of 757m Swiss francs (£593m) for the first quarter of the new financial year.