Credit Suisse Group has appointed longtime Goldman Sachs risk management expert David Wildermuth as its chief risk officer.
Wildermuth, expected to join the bank by Feb. 1, 2022, will also be a member of the executive board. His appointment comes as Credit Suisse continues to reshuffle its risk and compliance leadership in the wake of the collapses of Archegos Capital Management and Greensill Capital.
“David will contribute a wealth of experience and deep professional insights, having served more than three decades in various senior roles in the financial services industry,” said Credit Suisse Chairman António Horta-Osório in a statement Tuesday.
Wildermuth will succeed Joachim Oechslin, who has been serving as the bank’s interim chief risk officer since April. Oechslin will reassume his role as a strategic advisor to the group CEO.
Wildermuth has worked at Goldman Sachs for nearly 24 1/2 years. Since 2015, he has been the bank’s deputy chief risk officer, managing director, according to his LinkedIn profile. He is a member of various risk committees at Goldman Sachs as well as a member of the board of Goldman Sachs International Bank.
Earlier this year, Credit Suisse lost $4.7 billion when it was forced to sell stocks at a loss following risky bets by Archegos. The bank also announced it would write off approximately $2.3 billion in losses stemming from the bankruptcy of supply chain finance startup Greensill.
In the immediate aftermath, Chief Risk and Compliance Officer Lara Warner and CEO of the Investment Bank Brian Chin stepped down from their posts.
Credit Suisse has launched investigations into both collapses and made other changes on its executive team, including replacing Chin with Christian Meissner. Andreas Gottschling, the bank’s former board member in charge of its risk committee, also stepped down amid the fallout.
Credit Suisse earlier this month announced the departure of longtime senior executive Floriana Scarlato from her position as head of compliance at Swiss Universal Bank.