The Swiss bank's board is in almost as much flux as its top management. It looks poised to proceed with ex-Chairman António Horta-Osório's pledge to reduce its ranks.
Zurich-based Credit Suisse last month quietly rearranged its board duties following reinforcement first in April – António Horta-Osório, Blythe Masters, and Clare Brady – then again in October, with Axel Lehmann and Juan Colombas.
It also said it is too bulky and «will, over time, move to a composition with a maximum of 12 members, despite these additional responsibilities» it had assigned, as finews.com reported.
«Not Fit For Purpose»
On Thursday, deputy Severin Schwan (pictured below) raised the specter of his exit, telling a Swiss outlet he wasn't sure he would stand for reelection in April. The body already dropped from 14 to 13 members with the sudden exit of Horta-Osório on Monday.
(Image: Credit Suisse)
If Schwan leaves, this would put Credit Suisse's oversight at 12 people. Richard Meddings, one of three directors to tell Horta-Osório he could resign or be voted out, is likely on his way back out at Credit Suisse as well due to a prominent role in Britain.
Horta-Osório, who is 57, didn't spare his board colleagues before his exit, reportedly several they weren't fit for purpose. It isn't clear who he was referring to, but it isn't likely to be Lehmann or Colombas, who Horta-Osório personally enlisted.
Negligible Impact
Long-standing directors Iris Bohnet (pictured below) and Michael Klein are also candidates to exit: neither were entrusted with additional duties. She is a Swiss Harvard professor who chairs Credit Suisse's sustainability committee who, insiders report, has made little impact.
Klein is a former Citi dealmaker who has emerged prominently in the SPAC or special purpose acquisition boom. The business represents a niche of Wall Street that Credit Suisse excels at (Klein isn't allowed to use Credit Suisse to set up the SPACs).
(Image: Credit Suisse)
Both Meddings, who joined two years ago, and Kai Nargolwala (pictured below) landed new roles in the December shuffle. Nargolwala chairs the pay committee, a role which has garnered him considerable criticism in the past.
(Image: Credit Suisse)
Horta-Osório, who last year pledged to reform Credit Suisse's bonus policies, likely didn't think highly of the Singaporean banker's handling of pay and bonuses in past years. By contrast, Colombas represents a key Horta-Osório ally on the bank's board.
Katharina Bart contributed reporting
