(Bloomberg) -- Credit Suisse Group AG plans to enlist its next chief risk officer from Goldman Sachs Group Inc. as the Swiss bank shakes up internal oversight in the wake of multibillion-dollar scandals.
The Zurich-based firm intends to bring on Goldman deputy chief risk officer David Wildermuth within the next few months, according to people with knowledge of the situation, who asked not to be identified because the decision hasn’t been announced. He would succeed Lara Warner, who stepped down as chief risk and chief compliance officer as the firm lost about $5.5 billion on the collapse of client Archegos Capital Management.
Credit Suisse has been shaking up senior ranks and scrutinizing businesses as it tries to rebuild its reputation after dealings with Archegos and Greensill Capital ended in scandals big enough to weigh on its balance sheet. Chairman Antonio Horta-Osorio, vowing reforms, has said the twin hits went beyond any he’d lived through over three-and-a-half decades working at banks.
Wildermuth declined to comment through a Goldman Sachs spokesperson. A representative for Credit Suisse also declined to comment.
Credit Suisse was hit harder than any other bank by Archegos, and Warner was among several top executives who left the firm after the debacle.
Wildermuth, who graduated from Dartmouth College in 1986, joined New York-based Goldman in 1997 as a vice president and rose to partner in 2011. Goldman was one of the only major prime brokers to Bill Hwang’s Archegos that escaped from the blowup of the family office.
In trying to move past the Archegos debacle, Credit Suisse is turning to Goldman Sachs for the second time this month. Earlier in July, the Swiss lender tapped another Goldman veteran, Joanne Hannaford, as its new chief technology and operations officer and elevated her to the executive board.
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