Zürich Man Gets Worst Job In World
To be sure, Credit Suisse’s biggest problem of late has been its unwillingness or inability to adequately take risk into account, or really to do any kind of cost-benefit analysis in chasing down clients about to collapse. This whole mishigas is now Amélie Perrier’s problem. But she cannot do it alone. For example, (alleged) collusion with rivals to (unsuccessfully) mitigate the huge losses you’re suffering from the terrible risks you assumed is not the job of a head of counterparty market risk. It’s the job of a chief compliance officer. And Credit Suisse once again has one of those, at least until the next catastrophe.
[Rafael] Lopez Lorenzo will take over the compliance post from Thomas Grotzer, who was appointed interim head of compliance in April after Lara Warner, the group’s former top risk and compliance executive, stepped down after the bank’s dealings with Archegos and Greensill unraveled…. Credit Suisse said Mr. Lopez Lorenzo has a background in audit and banking and cited his deep understanding of the firm’s processes and challenges through his leadership of the internal audit team.
Uh, we’re not so sure a “deep understanding of the firm’s processes” is actually a good thing for a CCO at CS, as it seems just about all of those processes can be described as “noncompliant.”
Credit Suisse Names New Chief Compliance Officer [WSJ]
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