Credit Suisse bets on wealth unit and smooth tech in revamp

Credit Suisse has vowed to boost its business with rich clients and cut costs through simplifying technology as it seeks to emerge from two years of scandal and losses.

CEO Thomas Gottstein and chairman Axel Lehmann are trying to regain investor confidence after scandals such as the blow-up of client Archegos Capital Management eroded investor confidence, weakened key businesses and prompted an exodus of talent. The Swiss lender has changed almost its entire executive team and half of its board of directors in the past year in an effort to move past the crisis.

Tuesday’s update, which did not include any new overarching targets, was the first time investors also heard the vision of the new global wealth head, Francesco De Ferrari, who started in January. The new executives in charge of technology, compliance and risk also outlined their strategies.

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