Credit Suisse’s chief compliance officer set to leave firm

Lopez Lorenzo was appointed in September 2021 to fill the gap left after the exit of Lara Warner following twin hits from Greensil Capital and Archegos Capital Management.

The departure is not related to the strategic review Credit Suisse plans to announce this week, the people said. Bloomberg previously reported that investment bank chief Christian Meisner is also leaving the Swiss lender in the coming months, amid an overhaul of the division, which will likely see the entity cease to exist in its current form.

A representative for Credit Suisse declined to comment.

Lopez was part of a new crop of appointed executives in efforts to overhaul the bank’s leadership in the wake of scandals ranging from the collapse of the Lorenzo Fund to corporate espionage. The compliance role was combined with the risk role under ex-CEO Thomas Gottstein, and was held by Warner. The role was redistributed last year after management decided that dual roles had contributed to the failure to control.

Prior to leading compliance, López Lorenzo was the Group’s head of internal audit for five years. Prior to joining Credit Suisse in 2015, he was managing director at JPMorgan Chase & Company in New York.

Among the many unknowns hanging on the bank in the final days before the unveiling of its plan on October 27, is how Credit Suisse will shape a redesign that will win back investor confidence — and what that figure is.

Credit Suisse is seeking a buyer for all or its securitized products business, and various other assets, and has also taken steps in the event of a potential capital increase if it needs to shrink its balance sheet, including Including working underwriters Royal Bank of Canada and Morgan Stanley. Bloomberg reported last week that the bank is also weighing issuing convertible bonds or preferred shares to help pay for its overhaul.

This story has been published without modification in text from a wire agency feed.