Credit Suisse board member Gottschling to exit after Archegos debacle

Credit Suisse Group AG risk committee head Andreas Gottschling is stepping down from his role after prominent investors indicated they’ll vote to oust him following the $5.5 billion hit from the meltdown of Archegos Capital Management.

Gottschling is standing down ahead of the bank’s annual general meeting on Friday, according to a statement from the company. Shareholder advisory firms including Glass Lewis had urged the bank’s investors to vote against re-electing him for another yearly term.

Credit Suisse emerged as the big loser in global investment banks’ race to exit trading positions as Archegos collapsed, forcing it to raise about $2 billion