Credit Suisse CEO to step down from embattled investment bank, WSJ says

Credit Suisse CEO to step down from embattled investment bank, WSJ says

Thomas Gottstein, designated new CEO of Swiss bank Credit Suisse attends an interview with Reuters in Zurich, Switzerland February 7, 2020.

Arnd Wiegmann | Reuters

Credit Suisse CEO Thomas Gottstein is about to step down from the embattled investment bank, the Wall Street Journal reported on Tuesday.

The Zurich-based bank will soon announce the departure of Gottstein after a tenure in which he oversaw a series of embarrassing mishaps and several unprofitable quarters, according to the Journal. His replacement couldn’t be determined, the newspaper said.

Candice Sun, a spokesperson for the bank, declined to comment on the report.

Credit Suisse is set to report second-quarter results on Wednesday, and it has already warned investors that it will lose money. The bank blamed worsening economic conditions in Europe and Asia for the loss.

Gottstein, a two-decade veteran of Credit Suisse, took over in early 2020 and was soon wrestling with the costly fallout from the meltdown of two key clients: the Archegos family office and supply-chain finance firm Greensill.

This story is developing. Please check back for updates.

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