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In the long and sad tale of Credit Suisse in recent years, former Chairman Antonio Horta-Osorio’s contravention of COVID-19 quarantine rules seem like fairly small potatoes. Still, it was a convenient excuse for the bank to look like it was doing the right thing in the face of wrongdoing for the first time in a very long time, and so Horta-Osorio had to go. Of course, things haven’t gotten any better since the end of Horta-Osorio’s nine-month tenure, so why not let’s just get rid of the guy who brought him on, and the guy he brought in tow, and hope that gives enough cover until the next miserable news cycle.

Credit Suisse Group AG Vice Chairman Severin Schwan is stepping down from the board of directors as the Swiss bank continues a shakeup of its top supervisory body following a series of scandals.

Schwan, who is also chief executive officer of Swiss pharmaceutical giant Roche Holding AG, had come under repeated criticism that his dual mandates don’t leave him enough time to fulfill his duties at the lender. Credit Suisse is trying to recover from a string of scandals, including twin hits from Archegos Capital Management and Greensill Capital. Former Chairman Antonio Horta-Osorio, brought in with help from Schwan to steady the ship, left after less than a year.

The Swiss bank, which lost more than $5 billion a year ago from the collapse of family office Archegos Capital Management, is adding former UniCredit SpA Chief Financial Officer Mirko Bianchi and ex-Wells Fargo & Co. risk officer Amanda Norton, both of whom have extensive banking experience. Keyu Jin, an economics professor at the London School of Economics, will also join.

The three will replace Severin Schwan, who is currently the lead independent director and chief executive of Roche Holding AG, Kai Nargolwala, a former banking executive on the board since 2013, and Juan Colombas, who joined only a few months ago. Shareholders will vote on the appointments on April 29.

I mean, in fairness, if anyone knows what an unholy mess looks like, it’s Norton, although it’s not exactly clear she knows how to clear it up.

Credit Suisse Vice Chairman Schwan to Leave in Board Shakeup [Bloomberg via Yahoo!]
Credit Suisse Remakes Board in Aftermath of Scandals [WSJ]

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