Credit Suisse Group announced the appointment of Ulrich Körner as Group Chief Executive Officer (CEO) from August 1, 2022, replacing Thomas Gottstein, who is resigning.
“I am delighted to welcome Ueli as our new Group CEO, to oversee this comprehensive strategic review at a pivotal moment for Credit Suisse. With his profound industry knowledge and impressive track record, Ueli will drive our strategic and operational transformation, building on existing strengths and accelerating growth in key business areas,” said Axel P. Lehmann, Chairman of Credit Suisse.
Lehmann added: “Since becoming Chairman and reviewing the bank’s portfolio with our newly refreshed Board of Directors, I have come to appreciate the world-class quality of our businesses. But we need to be more flexible to ensure they have the necessary resources to compete. Our goal must be to become a stronger, simpler and more efficient Group with more sustainable returns.”
Thomas Gottstein, outgoing CEO of Credit Suisse after 23 years with the firm, said: “Credit Suisse has formidable client franchises in all four divisions globally and an immense talent pool of more than 50,000 colleagues around the world. Despite the challenges of the last two years, I am immensely proud of our achievements since I joined the Board seven years ago and, more recently, of having strengthened the bank, recruited a senior Board of Directors, reduced risk and fundamentally improved our risk culture.”
Following his appointment, Ulrich Körner, Chief Executive Officer of Credit Suisse, said: “I thank the Board of Directors for the trust they have placed in me as we embark on this fundamental transformation. I look forward to working with all colleagues in the bank and on the Board of Directors and to devoting all my energy to executing our transformation. It is a challenge, but at the same time it represents a great opportunity to position the bank for a successful future and to realize its full potential. I would also like to extend my heartfelt thanks to Thomas for his support and collaboration.”
Körner joined Credit Suisse in April 2021 as CEO Asset Management and joined from UBS, where he was a member of the Group Executive Board for eleven years, of which he spent six years heading the Asset Management division. Prior to this position, he was Chief Operating Officer. Since 2011 he also headed UBS’s Europe, Middle East and Africa region.
Prior to joining UBS, he was an executive at Credit Suisse and held various positions including CFO and COO of Credit Suisse Financial Services and CEO Switzerland. Ulrich Körner holds a doctorate in business administration from the University of St. Gallen.
This change in senior management comes on the heels of changes made during the first quarter of the year. In April 2022, the bank already announced the departure of David Mathers, the bank’s chief financial officer, as well as Helman Sitohang, managing director for Asia Pacific, and Romeo Cerutti, the bank’s general counsel, Romeo Cerutti. It has also appointed Francesca McDonagh to the position of CEO for EMEA (Europe, Middle East and Africa).
At the same time, the bank has announced that it is conducting a comprehensive strategic review with key objectives.
First, to consider alternatives that go beyond the conclusions of last year’s strategic review, particularly given the changed economic and market environment. The goal of the appraisal will be 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.
Second, strengthen its world-class global wealth management franchise, its leading universal bank in Switzerland and its multi-specialty asset management business.
Third, transform the Investment Bank into a capital-light, more market-focused banking business that complements the growth of the wealth management and Swiss Bank franchises.
Fourth, evaluate strategic options for the securitized products business, which may include attracting third-party capital into this market-leading, high-yielding platform to take advantage of untapped growth opportunities and free up additional resources for the bank’s growth areas.
And finally, to reduce the Group’s absolute cost base to below CHF 15.5 billion over the medium term, in part through an enterprise-wide digital transformation that prudently secures lasting savings while continuing to focus on improving risk management and risk culture.
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