Finance

Credit Suisse names new chief compliance officer after Archegos shake-up

Credit Suisse has unveiled its new chief compliance officer following the ousting of former boss Lara Warner in the wake of its $5.5bn hit from the collapse of family office Archegos Capital.

Rafael Lopez Lorenzo, a former JPMorgan banker and Credit Suisse’s current global head of audit, has been appointed chief compliance officer, the Swiss bank said in a statement.

The move comes around six months after the departure of Warner, who was chief risk and chief compliance officer at the bank, and stepped down after the bank’s exposure to Bill Hwang’s family office was revealed.

Thomas Grotzer was appointed interim head of compliance in April.

In July, Credit Suisse hired Goldman Sachs veteran David Wildermuth as chief risk officer, one in a series of changes at the Swiss bank including naming Christian Meissner, a former Bank of America executive, as head of its investment bank. He replaced Brian Chin, who left Credit Suisse alongside Warner.

READ Credit Suisse made deep cuts to risk team ahead of Archegos collapse

A damning 172-page report by law firm Paul, Weiss, Rifkind, Wharton & Garrison into how Credit Suisse took a much bigger hit than its rivals over Archegos highlighted a “lackadaisical attitude towards risk and risk discipline” and a hollowing out of its risk management unit ahead of the incident.

The report said that on 24 March, just hours before the family office’s collapse, was the first time Chin or Warner “recalled hearing about Archegos”.

Credit Suisse also installed former UBS executive Axel Lehmann to head its risk committee in August.

The Swiss bank has also named Christine Graeff as global head of human resources. She takes over from Antoinette Poschung who is retiring by the end of January 2022.

“Both have delivered excellent results and have strong management track records in leadership positions. These two appointments reflect the talent in Credit Suisse and the diversity of backgrounds and experience in our bank,” said chairman António Horta-Osório and chief executive Thomas Gottstein in a statement.

To contact the author of this story with feedback or news, email Paul Clarke

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