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Credit Suisse regulatory compliance head leaving as part of wider overhaul, sources say

Credit Suisse is cutting 9,000 jobs as part of a restructuring plan announced in October to restore profitability after a series of scandals and losses that have drawn regulatory scrutiny and undermined investors confidence.

Reuters
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A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, Feb 22. Photo: Reuters
A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, Feb 22. Photo: Reuters

Credit Suisse's head of regulatory compliance, Julian Gooding, is leaving Switzerland's second-biggest bank as part of a sweeping overhaul involving thousands of job cuts, people with knowledge of the departure told Reuters.

Gooding was one of the most senior managers in compliance, overseeing anti-fraud measures as well as matters relating to market conduct and investors protection, said the two people, who asked to remain anonymous.

According to his LinkedIn profile, Gooding had been in the role since January 2022 and previously held senior positions as general counsel in various parts of the bank.

Gooding declined to comment when reached on LinkedIn.

The sources said Gooding's departure is not related to Thursday's postponement by Credit Suisse of the publication of its annual report.

Gooding, who has spent about 18 years at Credit Suisse, reported to Nita Patel, the group chief compliance officer, and his responsibilities will be reassigned, the sources added.

Credit Suisse is cutting 9,000 jobs as part of a restructuring plan announced in October to restore profitability after a series of scandals and losses that have drawn regulatory scrutiny and undermined investors confidence.

Last year, the Swiss bank posted its biggest loss since the global financial crisis of 2008 and warned of more pain to come after customers pulled an unprecedented US$117 billion (about RM529 billion).

Gooding's tasks will be assigned to Roger Senteler, chief compliance officer for the wealth management unit, and Alain Bieger, chief compliance officer for the Swiss bank division, the people said.

Patel plans to hold a global town hall meeting with compliance staff later this month, they added.

Separately, Credit Suisse said on Thursday it was delaying its annual report after a last-minute call from the US Securities and Exchange Commission (SEC), which raised questions about its earlier financial statements and related controls.

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