ZURICH (Reuters) – Credit Suisse’s incoming Chairman Antonio Horta-Osorio intends to take a look at the bank’s risk management and culture following recent crises, as well as reviewing strategic options for the bank, he told shareholders upon his election on Friday.
Shareholders elected the former Lloyds CEO with 96.45% approval during a time at which the bank has been roiled by billions in losses.
“It takes years to build a reputation while it can be seriously affected literally overnight,” he told shareholders in a webcast speech. “Over three and a half decades, I have personally worked at and led several banks in different countries and have lived through many crises. 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.”
(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)