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July 28, 2021

Credit Suisse Group appoints new chief risk officer

By Verdict Staff

Credit Suisse Group has appointed Goldman Sachs veteran David Wildermuth as its new chief risk officer and a member of the executive board of the group.

The appointment, which is set to be effective from 1 February 2022, comes as the Swiss investment bank continues to revamp its business on the aftermath of multibillion-dollar scandals.

Wildermuth is a 34-year banking veteran with expertise in risk management. He will report directly to Credit Suisse Group CEO Thomas Gottstein.

Gottstein said: “David joins with an impressive track record, underlining our firm commitment to further enhance our risk management across the bank. He is the right person to lead and further strengthen our risk organisation.

“I look forward to closely working with David in his new role and as a member of the executive board.”

Wildermuth succeeds chief risk and compliance officer Lara Warner, who departed the firm after it took a $4.7bn blow from the collapse of US-based hedge fund Archegos Capital.

The company said that Joachim Oechslin will remain in his current role as ad interim chief risk officer until Wildermuth assumes his position.

After that, Oechslin will reassume his senior role as a strategic advisor to the Group CEO.

“Joachim was instrumental in leading the various risk-mitigation initiatives over the past few challenging months and we are fortunate to be able to continue to count on his leadership during the coming months until David joins us and thereafter,” Gottstein added.

As part of its efforts to revive the business from the Archegos and Greensill Capital scandals, Credit Suisse has been shaking up senior management.

Earlier this week, the group hired UBS’ David Kruck as chief of staff at its asset management unit, which is led by Ulrich Körner.

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