Credit Suisse Group AG is set to announce the departure of Chief Executive Thomas Gottstein, according to people familiar with the bank, part of an effort to turnaround the Swiss bank’s struggling fortunes.
The timing of his departure couldn’t be determined, but an announcement could come as soon as Wednesday, when the bank is set to release quarterly results, the people said. Credit Suisse
CSGN,
flagged in June that it would report its third quarterly loss in a row.
Mr. Gottstein has headed the bank since the start of the pandemic and presided over a series of costly mishaps, including the implosions of clients Greensill Capital and Archegos Capital Management in early 2021. He was tasked with leading the bank’s cleanup, but has struggled to convince investors that Credit Suisse is on solid footing.
It couldn’t be determined who would replace Mr. Gottstein.
A Credit Suisse spokesperson didn’t immediately respond to a request for comment.
