António Horta-Osório is to turn into chairman of Credit score Suisse, succeeding Urs Rohner because the Swiss financial institution contends with the fallout from the coronavirus disaster.
Mr Horta-Osório has been chief government of Lloyds however the financial institution introduced on Monday that he would get replaced by HSBC’s Charlie Nunn.
Credit score Suisse mentioned on Tuesday that Mr Horta-Osório would begin on the financial institution on the finish of April subsequent 12 months.
Mr Rohner mentioned that Mr Horta-Osório was a “extremely confirmed and recognised skilled” with an “spectacular document of sccomplishments”.
Credit score Suisse additionally mentioned on Tuesday that it was going through a $680m high quality within the US due to residential mortgage-backed securities issued in 2007.
It has already taken a $300m provision for the high quality and mentioned it had robust grounds for enchantment.