Credit Suisse Chief Compliance Officer to Depart

Image: Credit Suisse

The global compliance chief for Credit Suisse is leaving after just over a year on the job. The move is not related to the bank’s ongoing strategic review.

In the coming weeks, Credit Suisse’s chief compliance officer Rafael Lopez Lorenzo will be departing the bank, according to a Bloomberg report citing people familiar with the matter. His leaving the firm comes after just over a year on the job and is said to be unrelated to the strategic review Credit Suisse is currently undergoing, the results of which will be announced Thursday along with third-quarter results.

Combined Roles

Lopez Lorenzo replaced Laura Warner who departed after the Greensill and Archegos debacles. Former CEO Thomas Gottstein fused the compliance and risk management roles under a single umbrella which was then headed by Warner. After management found there was a failure in control, the roles were once again split.

Credit Suisse has been very tight-lipped about its restructuring efforts, although numerous leaks have emerged about personnel, restructuring of the investment bank, and sales of various businesses.

A spokesperson for the bank declined to comment to on the departure of Lorenzo.

Lopez Lorenzo previously headed the internal audit unit at Credit Suisse for five years, joining the bank in 2015. Before that, he was a managing director at JP Morgan in New York.


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