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Urs Rohner tries again with a great name from England. After Frenchman Tidjane Thiam, it is now Portuguese António Horta-Osório who is supposed to bring luck to CS when he comes from London.
Unlike the failed CEO, Horta-Osório is an experienced banker. The 56-year-old started at Citigroup in Portugal 33 years ago, then went to New York for Goldman Sachs.
The banker made his great ascent with the Spanish Santander, the main financial institution in the Iberian Peninsula. 9 years ago he moved to Lloyds in London where he became CEO.
For Rohner, Horta-Osório means early Christmas. He is pleased to be able to propose as my successor “a highly experienced and proven personality in the international banking business”.
Horta-Osório was equally pleased with CS’s statement this morning, saying: “This is a time of great opportunity for the group, its employees, customers and shareholders.”
With Horta-Osório, Rohner took the opportunity to leave the bridge as captain who put the high command in experienced hands.
The new one has a good reputation, in business and as a person. Horta-Osório had a mental breakdown just a few months after starting at the top of Lloyds in 2011.
He had to take it easy, he hadn’t been in the office for several weeks. English tabloids wrote about the highest paid sick leave in the city.
The Portuguese returned in early 2012. He wanted to give up his bonus for 2011, Horta-Osório said. That would have been £ 2 million.
Exhaustion has shaped the top manager. From then on he campaigned for initiatives in companies to protect employees from psychological overload and too much pressure.
Horta-Osório’s business got better and better after his break. It made Lloyds smaller and more focused. In this way, the bank was able to pay the state that had to save Lloyds in the great financial crisis.
The CS President-designate is highly decorated and has received medals and honors in Spain, Brazil, England and Portugal. In 2013, Euromoney named him Banker of the Year. In 2014, Horta-Osório made £ 11.5 million.
This made him one of the highest paid in the European financial industry.
With Horta-Osório, a true banker is at the top of the CS for the first time in a decade.
Before Urs Rohner, Hans-Ulrich Doerig, a workhorse of the financial multinational, knew the business perfectly. Doerig was only in office for 2 years, serving as Governor of Rohner until he was up for the job in the eyes of his adoptive father in 2011.
The adoptive father, that was Walter Kielholz. He was chairman of the CS board of directors since 2002 and, like Rohner, he was not a true banker either.
Kielholz took over as contra-coeur when Lukas Mühlemann, a former McKinsey partner, had to be quickly replaced. Kielholz remained 40 percent of the council’s delegate from “his” Swiss Re. “
Before Mühlemann, Rainer Gut held the reins at CS until 2000. This means that in 20 years no real banker has had ultimate control for a long period in the big bank.
Now comes the man from Portugal who had to deal with a serious human crisis, which should have had a strong impact on him. In business, Horta-Osório is one of the largest in Europe.
With Thomas Gottstein as Swiss CEO and Horta-Osório as European and President, CS has a management team that is compelling on paper. The CS is still a construction site with deep holes.
This morning, the bank also had to announce less good news. In the year-long subprime dispute with the American plaintiffs, the CS is threatened with a high payout. It could be almost $ 700 million, according to the bank.
CS has only reserved 300 million. This means that it would be a difficult copy. Same as the New York hedge fund. There, the CS suffered a special write-off of $ 450 million last week.
