Credit Suisse Shareholders Want Gottschling Out

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Credit Suisse investors are opposing the reelection of its risk chairman, Andreas Gottschling. Image Credit: Pincasso, Shutterstock.

Investors of Credit Suisse are opposing the reelection of its risk chairman, Andreas Gottschling, after scandals that have tarnished the company’s reputation.

The investment banking firm suspended $10B worth of supply chain funds linked to Greensill, then not long after lost $4.7B from the collapse of Archegos Capital. Multiple senior executives have already been removed following the incident.

David Herro, a shareholder of 10.25% of the bank’s stocks, wants Gottschling to be removed from his position at the upcoming shareholders meeting.

"Not only should Mr. Gottschling be voted down, but I'm actually surprised in light of current events that he hasn't already resigned," Herro said in an interview with the Financial Times.

Ethos Foundation, who holds 3-5% of the bank’s stocks, and Norway’s oil fund who owns 3.43% of stocks has also said they will vote for Gottschling to step down.

"Our clients are really angry about what has happened," Vincent Kaufmann, CEO of Ethos said. "Other members of the risk committee have not been there very long so we will give them more of a chance.”

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