Credit Suisse’s chief compliance officer is set to leave the company

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(Bloomberg) – Credit Suisse Group AG Chief Compliance Officer Rafael Lopez Lorenzo is expected to leave the company in the coming weeks after spending just over a year in the role, according to people familiar with the decision. .

Lopez Lorenzo was appointed in September 2021 to fill the void left by the exit of Lara Warner after double blows from Greensill Capital and Archegos Capital Management.

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The departure is unrelated to the strategic review Credit Suisse plans to announce this week, the sources said. Investment banking chief Christian Meissner will also leave the Swiss lender in the coming months, as part of the division’s overhaul which will likely see the unit cease to exist in its current form, it had previously reported. Bloomberg.

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A Credit Suisse representative declined to comment.

Lopez Lorenzo was among a new generation of leaders appointed to overhaul the bank’s leadership following scandals ranging from fund collapses to corporate espionage. The compliance role had been combined under former CEO Thomas Gottstein with the risk role, and was held by Warner. The role was split again last year after management decided the dual role had contributed to a failure of controls.

From the archives: Credit Suisse appoints chief compliance officer after two scandals

Prior to leading compliance, Lopez Lorenzo was head of group internal audit for five years. Prior to joining Credit Suisse in 2015, he was Managing Director at JP Morgan Chase & Co. in New York.

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How Credit Suisse will fund an overhaul that will regain investor confidence – and what that number is – is the biggest of many unknowns hanging over the bank in the final days before its plan is unveiled on October 27.

Credit Suisse is looking for a buyer for all or part of its securitized products business and various other assets, and has also taken steps in the event of a potential capital increase in case it needs to shorten its balance sheet, in particular by working with the underwriters Royal Bank of Canada and Morgan Stanley. The bank is also considering issuing convertible bonds or preferred stock among options to help pay for its overhaul, Bloomberg reported last week.

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