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Credit Suisse may replace top lawyer amid growing legal battles

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The Zurich-based group is seeking to refresh its legal and management teams after a series of costly scandals

Credit Suisse Group is considering replacing its top lawyer Romeo Cerutti as the troubled bank struggles to resolve legacy legal issues and focus on looming court battles, people familiar with the matter said.

Credit Suisse is likely seeking a refresh of its legal team and other long-standing executives on its management team after the scandals linked to the collapse of Greensill Capital and Archegos Capital Management in the past year cost the bank billions of dollars. More than half of the executive management team has already exited.

The bank is also looking for a new CEO for its US legal entity, people familiar with that search told Bloomberg earlier. The position was held by Eric Varvel until he announced his departure in December 2021.Credit Suisse is facing a difficult transition year, likely to be marked by restructuring and further legal battles.

 

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