Antonio Horta-Osorio is plotting an overhaul of scandal-hit Credit Suisse that could see it merge with arch-rival UBS.
The 57-year-old Portuguese took over as chairman at the Swiss giant in April after a decade as chief executive of British High Street lender Lloyds.
He is under huge pressure to turn the Zurich-based bank around following a string of crises including the heavy losses it suffered in the collapse of hedge fund Archegos this year.
Under pressure: Antonio Horta-Osorio took over as chairman at the Swiss giant in April after a decade as chief executive of British High Street lender Lloyds
Credit Suisse also faces a barrage of legal action for helping clients invest £7billion in bonds issued by collapsed supply chain finance firm Greensill Capital.
Horta-Osorio announced a strategic review in April when he said he would take time in reaching hard decisions that lay ahead – which could include a merger with Swiss rival UBS.
A tie up would mean a workforce of more than 110,000 employees – including a large presence in London – and a market value of more than £60billion.
‘Credit Suisse needs a merger deal right away,’ a source with knowledge of the bank’s thinking told Reuters. Credit Suisse and UBS declined to comment.
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