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Banking

Credit Suisse chairman doubles down with $1 million stock purchase

Published by maria gbaf

Posted on August 2, 2021

Featured image for article about Banking

ZURICH (Reuters) – Credit Suisse Chairman Antonio Horta-Osorio has bought another 1 million Swiss francs ($1.1 million) worth of shares in the group as he tries to restore order to Switzerland’s second-biggest bank.

Regulatory filings showed a member of the bank‘s board of directors had purchased the shares on Friday. A spokesperson confirmed it was Horta-Osorio.

In May, Horta-Osorio had bought 1.1 million Swiss francs worth of shares in the group.

The former Lloyds chief executive is looking at the bank‘s risk management and culture in the wake of two major crises as well as reviewing the bank‘s strategic options.

His purchase comes a day after a review found a “lackadaisical” attitude towards risk and “a lack of accountability” were to blame for its $5.5 billion loss on investment fund Archegos as the bank reported a near 80% fall in second-quarter profit.

($1 = 0.9063 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields and Louise Heavens)