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The Guardian - UK

Business

Kalyeena Makortoff Banking correspondent

Credit Suisse chief executive resigns after turbulent two years

Credit Suisse Suisse Thomas Gottstein Ulrich Körner Axel Lehmann

Credit Suisse suffered a 1.6bn Swiss franc loss in the three months to June, compared with a 253m Swiss franc profit a year earlier. Photograph: Arnd Wiegmann/Reuters

The chief executive of Credit Suisse has resigned after a tumultuous two-year tenure during which the Swiss lender was beset by a string of scandals and financial losses.

The bank confirmed on Wednesday that Thomas Gottstein was stepping down and would be replaced by the head of its asset management division, Ulrich Körner, in an a move intended to solidify the bank’s strategic shift away from investment banking.

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