Credit Suisse enlisted two heavyweights of European banking to join its board and help supervise risks after losing $5.5 billion from failed family office Archegos office
Credit Suisse Group AG enlisted two heavyweights of European banking to join its board and help supervise risks after losing $5.5 billion from failed family office Archegos Capital Management.
The Swiss bank proposed Axel Lehmann, a former UBS Group AG executive, and Juan Colombas, a former lieutenant to Credit Suisse Chairman António Horta-Osório, for board election in October. If approved by shareholders, Mr. Lehmann will become chair of the board’s risk committee, a role vacated by Andreas Gottschling in April afterMr.
Mr. Colombas worked for decades with Mr. Horta-Osório, first at Banco Santander SA and then Lloyds Banking Group PLC, where Mr. Horta-Osório was chief executive until April. Mr. Colombas held senior risk and operations roles at the two banks, and since leaving Lloyds in 2020 has been on the board of ING Groep .
Mr. Horta-Osório said the two men would help shape Credit Suisse’s strategic realignment, and “enhance our culture of risk management and personal responsibility and accountability.”
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