Credit Suisse’s Meissner to leave bank after overhaul, source says

By Elisa Martinuzzi

LONDON (Reuters) – Credit Suisse investment bank chief Christian Meissner will be leaving the Swiss bank once it has announced a strategic overhaul, a person with knowledge of the matter said on Monday.

Announcement of his departure is expected to be made along with the bank’s strategic review and quarterly earnings on Oct. 27, as first reported by Bloomberg News. A Credit Suisse spokesperson declined to comment when contacted by Reuters. Meissner was not immediately available for comment.Meissner, who joined the bank in 2020, had in August been tasked with overseeing the strategic review of the business.

The future of the investment bank had been questioned in light of a string of costly scandals, including a more than $5 billion loss from the collapse of Archegos last year.

Analysts have urged Credit Suisse to tighten the focus of the investment banking business, including on work where it complements the flagship wealth management arm.

(Reporting by Elisa Martinuzzi and Noele Illien)