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October 1, 2021

Credit Suisse appoints interim co-heads of internal audit

By Verdict Staff

Credit Suisse has reportedly named Nitesh Patel and Roger Senteler as interim co-heads of group internal audit as the firm looks to rebuild itself after Greensill and Archegos scandals.

These back-to-back scandals brought to light some serious risk-management lapses insider the Swiss wealth manager, forcing it to carry out group-wide restructuring under chairman Antonio Horta-Osorio.

The new appointments have been announced by Credit Suisse risk and audit committees chair Richard Meddings in a memo, Reuters reported.

“Both Nitesh and Roger bring an extensive track record having served as chief auditors across a wide variety of front and back office areas, as well as board level experience at Credit Suisse having reported to their respective legal entity boards in the UK and Switzerland,” Meddings said in the memo.

Having joined Credit Suisse in 2003, Patel is currently the firm’s chief auditor for change, third party, operations and technology.

Senteler, who has been part of the firm 2016, chief auditor for international wealth management and global wealth management. He also serves as location head of internal audit in Switzerland.

As part of its strategy to overhaul risk and compliance, Credit Suisse recently named Lopez Lorenzo as chief compliance officer.

Concurrently, Allianz Asset Management CEO Jacqueline Hunt is reportedly is resigning from her role.

The resignation is part of a wider management shake up after Justice Department launched a probe into the losses by a suite of funds managed by the firm, WSJ reported.

Hunt will continue with the firm and serve as a consultant to chief executive Oliver Bäte.

She will be succeeded by Andreas Wimmer, who is currently lead Allianz’s life insurance business in Germany.

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