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Credit Suisse has appointed Ulrich Kellner as Group CEO following the resignation of Thomas Gottstein. Kellner, who now heads the wealth management division of Swiss Bank, will begin his term on August 1.
Ulrich Krner, the new Group CEO of Credit Suisse.Image source: Credit Suisse
He rejoined Credit Suisse in April 2021, having previously worked at UBS for 11 years, the last six as Head of the company’s wealth management business.
At the same time, Credit Suisse also announced a “Comprehensive Strategic Review”. This is aimed at forming a more focused and agile group, with a significantly lower absolute cost base, capable of delivering sustainable returns and first-class service to all stakeholders and clients. .
Over the medium term, the bank plans to reduce its absolute cost base to less than CHF 15.5 billion ($16.2 billion). This includes an enterprise-wide digital transformation that carefully guarantees lasting savings while continuing to focus on improving risk management and risk culture. .
Krner describes the initiative as “a challenging undertaking and a great opportunity to position the bank for a successful future and realize its full potential”.
Gottstein, the outgoing CEO, said:
“Over the past few weeks, due to personal and health-related considerations, following discussions with Axel, [P. Lehmann, chairman of Credit Suisse] I concluded this morning that it is time for my new leaders to pave the way for their full acceptance of the important initiatives announced this morning, and that I wholeheartedly endorse them.
