STORY – Associated with several financial scandals last year, the second Swiss bank recently thanked its boss. Its very weak risk culture is called into question.
The year is off to a decidedly bad start for Credit Suisse, which has been going through scandals for more than two years. After an “annus horribilis” in 2021 due to its involvement in two resounding financial storms, the second Swiss bank has just announced the departure of its president and a warning on its results. At the head of Credit Suisse for only eight and a half months, Antonio Horta-Osorio, presented as the savior of the bank, was pushed out ten days ago for having broken the quarantine rules put in place to fight against the pandemic.
In the process, the Zurich group, once seen as a pillar of the global financial landscape, said this week that it had made provisions to respond to the various disputes. “Results for the fourth quarter of 2021 will be negatively impacted by provisions for litigation of approximately 500 million Swiss francs (482 million euros)”, he warned in a press release…
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