As he takes up chairmanship of Credit Suisse, António Horta-Osório will be expected to focus on an overhaul of the beleaguered firm's risk management culture.
Recently, 4,000 investors who contributed a total of $10bn into funds managed by Credit Suisse now look set to lose up to a quarter of their stakes after the firm suspended the funds in March. Weeks later, the bank faced its biggest quarterly trading loss in more than a decade — $4.7bn. This has again put Credit Suisse in the spotlight for all the wrong reasons, raising doubts about the bank's survivability as a stand-alone entity.
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