New group CEO and comprehensive strategic review at Credit Suisse

Credit Suisse has named Ulrich Körner as group chief executive officer (CEO) following the resignation of Thomas Gottstein. Körner, who is currently leading the Swiss bank’s asset management division, will start his tenure on 1 August.

Ulrich Körner, new group CEO of Credit Suisse. Image source: Credit Suisse

He rejoined Credit Suisse in April 2021 having previously worked at UBS for 11 years, the last six as head of the firm’s asset management business.

At the same time, Credit Suisse has also announced a “comprehensive strategic review”, which aims “to shape a more focused, agile group with a significantly lower absolute cost base, capable of delivering sustainable returns for all stakeholders and first-class service to clients”.

In the medium term, the bank plans to reduce its absolute cost base to below CHF 15.5 billion ($16.2 billion), “in part through a company-wide digital transformation that prudently ensures durable savings while remaining focused on improving risk management and risk culture”.

Körner describes the initiative as “a challenging undertaking but at the same time represents a great opportunity to position the bank for a successful future and realise its full potential”.

Outgoing CEO Gottstein says: “It has been an absolute privilege and honour to serve Credit Suisse over these past 23 years.

“In recent weeks, for personal and health-related considerations, and after discussions with Axel [P. Lehmann, chairman of Credit Suisse] and my family, I concluded that now would be the right time to step aside and clear the way for new leadership to fully embrace the important initiatives announced this morning, which I wholeheartedly support.”