Credit Suisse Group AG withdrew from re-election the head of its board’s risk committee afterHours before the bank’s annual meeting Friday, it said Andreas Gottschling wouldn’t stand for reappointment. He was targeted as a symbol of Credit Suisse’s risk failures by some of its biggest investors, who had said they would vote against him.when heavily leveraged bets it made on a small collection of stocks unraveled in March, triggering huge losses at some of its lenders.
Last week, Credit Suisse had to raise fresh capital to shore up its balance sheet and Swiss regulators said they started enforcement proceedings over possible risk-management shortcomings. Swiss enforcement proceedings are separately under way into the bank’s handling of another now-collapsed client, Greensill Capital. The U.K. financing firm also failed in March and Credit Suisse is liquidating $10 billion in investment funds that the companies ran together.
Mr. Gottschling joined the board in 2017. He previously held the top risk job at Austria’s Erste Group Bank AG and worked at McKinsey & Co. and Deutsche Bank AG .
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