Thomas Gottstein, designated new CEO of Swiss bank Credit Suisse attends an interview with Reuters in Zurich, Switzerland February 7, 2020.
Arnd Wiegmann | Reuters
Credit Suisse CEO Thomas Gottstein is about to step down from the embattled investment bank, the Wall Street Journal reported on Tuesday.
The Zurich-based bank will soon announce the departure of Gottstein after a tenure in which he oversaw a series of embarrassing mishaps and several unprofitable quarters, according to the Journal. His replacement couldn’t be determined, the newspaper said.
Candice Sun, a spokesperson for the bank, declined to comment on the report.
Credit Suisse is set to report second-quarter results on Wednesday, and it has already warned investors that it will lose money. The bank blamed worsening economic conditions in Europe and Asia for the loss.
Gottstein, a two-decade veteran of Credit Suisse, took over in early 2020 and was soon wrestling with the costly fallout from the meltdown of two key clients: the Archegos family office and supply-chain finance firm Greensill.
This story is developing. Please check back for updates.
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