Mr Sitohang will take on a new role advising Gottstein and focusing on key clients.
Mr Gottstein said on Wednesday the bank’s decision to tighten its controls and risk appetite following the crises “had an adverse impact on our net revenues” in the first three months of the year. Its revenues fell 42 per cent to 4.4 billion Swiss francs in the quarter from the same period last year, driven by a 51 per cent decline in investment banking revenues and 44 per cent drop in wealth management. Overall, it reported a SFr428 million loss for the quarter, compared with a SFr757 million loss a year earlier tied to the implosion of Archegos.
Credit Suisse last week revealed it had set aside a further SFr600 million for litigation provisions in the first quarter, taking the total to SFr703 million for what it described as developments in legal matters that started more than a decade ago. Mr Gottstein, who has insisted he is best placed to lead the bank through what it has described as a transition year, added that “the first quarter of 2022 has been marked by volatile market conditions and client risk aversion”.– which included derivatives and financing exposures in its investment bank, trade finance exposures in its domestic Swiss bank and loans in its wealth business – by 56 per cent since the end of 2021 to SFr373 million.