People Moves: Credit Suisse appoints Ulrich Körner as Group CEO; Conducts Strategic Review
Stock Exchange Notice - Credit Suisse Group AG (CS) on Wednesday confirmed that it has appointed Ulrich Körner as Group Chief Executive Officer from August 1, 2022, replacing Thomas Gottstein, who is resigning. The bank is conducting a comprehensive strategic review.
Ulrich Körner joined Credit Suisse on April 1, 2021, as CEO of Asset Management. He joined from UBS where he served as a member of the group executive board for eleven years, of which six years were spent leading the Asset Management division. Prior to this role, he served as Chief Operating Officer. From 2011 he additionally headed the region Europe, Middle East and Africa for UBS.
Prior to joining UBS, Körner was an executive at Credit Suisse and held various roles, including Chief Financial Officer and Chief Operating Officer of Credit Suisse Financial Services and CEO Switzerland.
Credit Suisse stated that it will evaluate strategic options for the Securitized Products business, which may include attracting third-party capital into the high-return platform, to capture untapped growth opportunities and free up additional resources for the bank's growth areas.
Credit Suisse's Board has initiated a program to reduce the Group's absolute cost base to below 15.5 billion Swiss francs in the medium term given the more challenging economic and market environment.