, Columnist
Credit Suisse Problems Go Right to the Top
It’s encouraging that Thomas Gottstein is holding the Swiss bank’s managers accountable, but the board’s record over the past 18 months has been dismal.
String of mistakes.
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Scarred by damaging blowups in every one of its key businesses, Credit Suisse Group AG has cleaned out its top management ranks. Gone are several executives — including the risk chief — who had responsibility for fiascos such as the supply-chain funds linked to now bankrupt Greensill Capital and the ruinous stock gambles by Bill Hwang’s Archegos.
Still, betting the Swiss bank will soon turn the corner would be premature.