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Scandal-hit Credit Suisse names new interim heads of internal audit - memo

Scandal-hit Credit Suisse names new interim heads of internal audit - memo
Scandal-hit Credit Suisse names new interim heads of internal audit - memo   -   Copyright  Thomson Reuters 2021
By Reuters

By Brenna Hughes Neghaiwi

ZURICH -Credit Suisse has appointed company veterans Nitesh Patel and Roger Senteler as interim co-heads of group internal audit, Switzerland’s second-biggest bank told employees as it tries to recover from grave risk-management lapses.

“Following the recent appointment of Rafael Lopez Lorenzo as the Chief Compliance Officer, I have asked Nitesh Patel and Roger Senteler to act as ad interim Co-Heads of Group Internal Audit from October 1, 2021,” Richard Meddings, board member and chair of Credit Suisse’s risk and audit committees, told employees in an internal memo seen by Reuters on Thursday.

A spokesperson confirmed the contents of the memo.

Lopez Lorenzo was named to the chief compliance role this month as Credit Suisse seeks to overhaul risk and compliance following a series of scandals and prepares for a strategic revamp under Chairman Antonio Horta-Osorio.

The collapse of $10 billion worth of supply chain finance funds linked to Greensill in March kicked off a tumultuous period for the bank, which, together with a multi-billion dollar loss related to investment fund Archegos, prompted a raft of executive oustings.

“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.

Patel joined Credit Suisse in 2003 and now serves as chief auditor for change, third party, operations and technology.

Senteler, who joined Credit Suisse from EY in 2016, now serves as chief auditor for international wealth management and global wealth management, as well as location head of internal audit in Switzerland.