Credit Suisse, one of Europe's largest banks by assets, announced Wednesday it is replacing its chief executive and will conduct a comprehensive strategic review in the wake of mounting losses.
The CEO of Credit Suisse is going to be replaced.
After the bank posted a second-quarter loss of $1.66 billion, which was much worse than analysts expected, the CEO stepped down.
The results were disappointing especially from the investment bank division.
The loss was caused by issues such as higher litigation costs, the situation following Russia's invasion of Ukraine, and monetary tightening by central banks to curb inflation.
The bank said that Krner will take over on Monday.
Credit Suisse said it would conduct a strategic review to cut costs, turn business around and return to profitability.
The goal is to become a stronger, simpler and more efficient Group.
Credit Suisse is trying to move on from a number of scandals, and the departure of Gottstein is another blow. There are links with investment firm Archegos and supply chain financing firm Greensill Capital, which collapsed and cost the bank billions. The bank has had a strategic review in the past.
Antonio Horta-Osorio quit his job after breaking the Quarantine Rules.
Credit Suisse was burned by the Greensill Scandals and has shifted its focus to wealth management.
Credit Suisse lost money in the second quarter.
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