(Bloomberg) -- Credit Suisse Group AG set up a new unit to oversee lending to wealthy clients across various regions and businesses, as the Swiss bank seeks to improve collaboration and better align risk management.  

The new global financing group will be headed by Lawrence Fletcher with immediate effect, according to a memo seen by Bloomberg. The bank will also set up a trading risk management and syndication function, focusing on structured lending and the overall risk and capital profile of the financing business.

A spokesperson for the bank confirmed the content of the memo, which was signed by Yves-Alain Sommerhalder, global head of financing and products for the private bank.

Credit Suisse has been shaking up its top ranks and reorganizing business units after the twin hits from the collapse of Archegos Capital Management and partner Greensill Capital saddled it with billions of dollars in losses. Chief Executive Officer Thomas Gottstein has vowed to improve risk management, in part by centralizing control over the risks the bank is taking.

The bank’s revamp, outlined in November, included removing the regional autonomy that Asia enjoyed and replacing Asia Pacific chief Helman Sitohang, who stepped aside to focus more on clients. The Asia business has also been burdened by turmoil at Luckin Coffee Inc., a Chinese coffee chain that was caught fabricating revenue.

As part of the reorganization announced Wednesday, five business lines will be created, including three regional ones for structured lending, as well as one for real asset lending and another called Lombard and deposits unit. 

The five business lines will be led by:

  • Francois Ricord for Lombard and deposits
  • Martin Hofacker for real asset lending
  • Tim Tu and Aaron Oh for Asia-Pacific structured lending
  • Abhishek Sudhir and Pierre Lasmoles for EMEA structured lending
  • Gabriela Rodrigues for Brazil, Martin Cameo for rest of LatAm structured lending.

 

 

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