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Embattled Credit Suisse to present strategy update on Thursday

Credit Suisse to present strategy update on Thursday
Credit Suisse to present strategy update on Thursday   -   Copyright  Thomson Reuters 2021
By Reuters

ZURICH -Credit Suisse Group will provide an update on its group strategy review on Thursday following a presentation of the Swiss bank’s third-quarter results, it said on Monday.

Chairman Antonio Horta-Osorio, who joined the bank in April from Britain’s Lloyds, has promised a new strategy for Switzerland’s second-largest lender and a review of the bank’s risk management and culture in the wake of crises that prompted a raft of executives to leave.

The review comes earlier than expected. The bank, whose share price has fallen 29% since the start of March, had said in the past it would be unveiled before the end of the year.

The investor event will be held in London and will be accessible via webcast and telephone conference.

Credit Suisse last month agreed to pay around $475 million to U.S. and British authorities to resolve bribery and fraud charges relating to the $2 billion Mozambican corruption scandal, while its subsidiary pleaded guilty to a conspiracy charge in New York.

The settlement was the latest blow for the scandal-plagued Swiss bank and was announced the same day that Switzerland’s financial regulator reprimanded it for a long-running corporate espionage saga.

The bank was already reeling from a string of scandals including heavy losses from the collapse of U.S. family office Archegos, client losses stemming from the collapse of supply chain finance company Greensill, and allegations that it snooped on former top wealth management executive Iqbal Khan.

Horta-Osorio has said the scandals are the gravest he has seen.