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Credit Suisse s Lack of Adult Supervision
As
Urs Rohner wraps his ten-year tenure of the Zurich-based bank, he was blasted as being «more than asleep at the wheel» by Credit Suisse s second-largest shareholder, Harris Associates
Dave Herro, in the «Financial Times». The «nonsense and poor oversight» are due to end when Rohner hands over to
António Horta-Osório on Friday.
The Swiss lawyer is leaving in ignominy: Credit Suisse tapped shareholders four times in nine years, held fast to investment banking risk-taking despite several huge accidents, pleaded guilty to conspiracy in the U.S. after retreating from the offshore market more slowly than rival private banks, and is currently being roiled by $4.7 billion in losses from Archegos as well as a $10.1 billion line of supply chain funds with collapsed Greensill.