Credit Suisse Blow-Ups Give Gottstein a Crash Course in Risk
Bloomberg 12/14/2020 Patrick Winters, Donal Griffin and Marion Halftermeyer
(Bloomberg) Two months after Thomas Gottstein took over at Credit Suisse Group AG following a damaging spying scandal, the new chief executive found himself defending losses the bank had incurred in one of Asia’s most spectacular accounting frauds: Luckin Coffee Inc.
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It was only the beginning. From questionable deals arranged for SoftBank Group Corp. to a $450 million hit from an investment in hedge fund York Capital, Gottstein has confronted one setback after the next in his short reign atop Switzerland’s second-largest lender. The losses and scandals, many of which he inherited, have compounded the damage inflicted by the global pandemic and now threaten to plunge the bank to a fourth-quarter loss.