Credit Suisse names audit expert Lopez Lorenzo as compliance chief

Business

Credit Suisse Group AG (CSGN.S) named on Wednesday audit expert Rafael Lopez Lorenzo as chief compliance officer, as the Swiss bank tries to rebuild its reputation after a series of risk-management blunders.

The collapse of $10 billion worth of supply chain finance funds linked to Greensill in March kicked off a tumultuous period for the bank, which, together with a multi-billion dollar loss related to investment fund Archegos, prompted a raft of executive oustings.

Lopez Lorenzo, the current global head of group internal audit, will take over on Oct. 1 from Thomas Grotzer, who had assumed the role on an interim basis since April, the bank said in a statement.

Lopez Lorenzo had joined Credit Suisse in 2015 from JP Morgan Chase.

“His leadership, experience and deep understanding of the bank’s processes and challenges in the third line of defence will be key in leading the future Compliance function. In addition, Rafael has played a pivotal role in the review of recent incidents,” the bank said.

Chairman Antonio Horta-Osorio, in charge of cleaning up the mess, thanked him for “taking on the role of interim Global Head of Compliance in these challenging conditions”.

The bank also named communications chief Christine Graeff, now deputy head of human resources, as global head of HR to succeed Antoinette Poschung, who is retiring.

Both will have seats on the executive board.