Credit Suisse appoints former UBS executive to lead sustainability framework

The logo of Swiss bank Credit Suisse is seen at a branch in Bern, Switzerland October 28, 2020. Picture taken October 28, 2020. REUTERS/Arnd Wiegmann

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Aug 16 (Reuters) – Credit Suisse (CSGN.S) has appointed James Purcell to lead the sustainability framework, according to an internal memo seen by Reuters on Tuesday, as the Swiss bank takes steps to improve shareholder value after a series of scandals related to its management and operations.

The trend to strengthen sustainability has grown in corporate finance in recent years, with shareholders expecting companies to take steps towards greater transparency and responsible investing.

Purcell and his team will lead the bank and its customers towards a more sustainable future, said Emma Crystal, director of sustainability, in the memo.

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Purcell, who took office on August 1, has worked in wealth management and investment banking for more than 14 years. He most recently served as Group Head of Sustainable, Thematic and Impact Investments at Quintet Private Bank and held similar positions at UBS Wealth Management.

He also joined Credit Suisse’s sustainability committee and reports to Crystal.

Last month, Credit Suisse named asset management boss Ulrich Koerner as chief executive, tasked with trimming the investment bank and cutting costs by more than $1 billion. Read more

Earlier this month, Moody’s downgraded the bank’s rating while S&P took a tougher stance as the beleaguered lender faces challenges to change its risk and compliance culture and reposition its bank. investment faced a difficult environment which also led to an erosion of its market value.

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Reporting by Mehnaz Yasmin in Bangalore; Editing by Maju Samuel

Our standards: The Thomson Reuters Trust Principles.

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