Credit Suisse chairman doubles down with $1 million stock purchase



© Reuters. FILE PHOTO: The headquarters of Swiss bank Credit Suisse are seen at the Paradeplatz square in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) – Credit Suisse (SIX:) Chairman Antonio Horta-Osorio has bought another 1 million Swiss francs ($1.1 million) worth of shares in the group as he tries to restore order to Switzerland’s second-biggest bank.

Regulatory filings showed a member of the bank’s board of directors had purchased the shares on Friday. A spokesperson confirmed it was Horta-Osorio.

In May, Horta-Osorio had bought 1.1 million Swiss francs worth of shares in the group.

The former Lloyds (LON:) chief executive is looking at the bank’s risk management and culture in the wake of two major crises as well as reviewing the bank’s strategic options.

His purchase comes a day after a review found a “lackadaisical” attitude towards risk and “a lack of accountability” were to blame for its $5.5 billion loss on investment fund Archegos as the bank reported a near 80% fall in second-quarter profit.

($1 = 0.9063 Swiss francs)

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