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Credit Suisse Group AG CSGN

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Resignation of Chairperson Should Be Viewed Separately From Credit Suisse’s Other Travails

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

Credit Suisse confirmed its Chairperson Antonio Horta-Osorio has resigned in a dramatic midnight announcement. Horta-Osorio flaunted coronavirus quarantine restrictions, which resulted in his resignation. We believe swift and decisive action was necessary. Axel P. Lehmann is a more than capable replacement. Credit Suisse’s well-published recent history of risk management lapses and scandals calls for a board and executive that is beyond reproach. Credit Suisse appointed Horta-Osorio to address precisely these issues, something he has done with some success already, but to have a chairperson the subject of an ongoing scandal would have been untenable. The media will undoubtedly try to link Horta-Osorio actions to the other issues that have dominated the news around Credit Suisse. We believe it would be incorrect to conflate poor personal judgement by an individual with a poor institutional culture. On numerous occasions, we have been critical about Credit Suisse’s culture, especially around risk management. Horta-Osorio’s actions stand separate from this. We maintain our narrow moat rating and CHF 14/share fair value estimate. We highlight we already have a Poor capital allocation rating and very high uncertainty rating for Credit Suisse to reflect its poor risk management track record.

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Company Profile

Business Description

Credit Suisse runs a global wealth management business, a global investment bank and is one of the two dominant Swiss retail and commercial banks. Geographically its business is tilted toward Europe and the Asia-Pacific.

Paradeplatz 8
Zurich, 8001, Switzerland
T +41 443336607
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 49,950