Finance

Credit Suisse Swiss compliance head exits after just four months in the job

Credit Suisse’s Swiss head of compliance Floriana Scarlato is leaving the bank after just four months in the role.

The Swiss bank said Scarlato is leaving with immediate effect, having only taken up the role on 1 March.

Scarlato’s exit comes amid a strategy overhaul driven by new chair Antonio Horta-Osorio as the bank tries to recover from a series of crises including its losses from the collapse of hedge fund Archegos, its exposure to the collapse of supply chain financer Greensill Capital, and a historic corporate espionage scandal.

READ Six Credit Suisse dealmakers jump to Jefferies amid Archegos fallout

The bank said Scarlato would step down from her role as head of compliance for its Swiss retail bank, her role as a member of the management committee, and her role on the executive board.

Credit Suisse said Scarlato is leaving to “pursue a new challenge outside the bank”.

“We would like to thank Floriana for her great commitment and valuable service throughout the years and wish her all the best for her future endeavors,” the bank said in a 12 July statement.

“Floriana Scarlato’s successor will be announced in due course,” the statement added.

READ Credit Suisse chair Horta-Osorio buys $1.2m of shares amid Greensill, Archegos crises

The collapse of Bill Hwang-run family office Archegos Capital cost Credit Suisse $5.4bn, the biggest hit for any large investment bank exposed to the fund.

The Swiss bank was also forced to suspend $10bn worth of supply chain finance funds related to now collapsed Greensill Capital in March.

Former Lloyds Banking Group chief executive Horta-Osorio joined as chair in April and is leading an overhaul of the scandal-hit bank. This has included adding a new role to monitor emerging risks, but the bank continues to lose staff, including six dealmakers who have headed to Jefferies.

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To contact the author of this story with feedback or news, email James Booth

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