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Credit Suisse swaps out CEO, launches strategy review amid big Q2 loss

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Reuters UK

ZURICH (Reuters) -Credit Suisse Group AG named asset management head Ulrich Koerner as its new chief executive on Wednesday and said it plans cost cuts as part of a strategic review, in the bank’s latest efforts to recover from a series of scandals and losses. The announcement is the culmination of months of pressure on current Chief Executive Thomas Gottstein over a tumultuous two-year tenure characterised by hammered shares and angry investors, some of whom had called for Gottstein to be replaced. The bank has described 2022 as a “transition” year after costly scandals prompted a near-total …

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