Swiss financial giant Credit Suisse officially announced on the 27th of July that it will assign Ulrich Körner, who heads the asset management division, as the new CEO. As he struggles to recover from a series of scandals, he has stated that he will also review his strategy.



In recent months, some investors have called for a replacement for CEO Thomas Gottstein, but the bank has resisted this pressure.

The second quarter financial results announced at the same time posted a deficit of CHF 1.59 billion ($ 1.65 billion). Analysts' estimates, compiled by the bank, were a net loss of CHF 206 million.

The investment banking sector was hit by market volatility and sluggish customer flow. The expansion of the proceedings related to the proceedings also echoed.

The common stock Tier 1 ratio (CET1) ratio was 13.5%, which was close to the market forecast (13.6%). It fell from 13.8% in the first quarter.

Details of the cost reduction plan will be announced along with the third quarter financial results.