Ex-Credit Suisse Risk Head Joins Starling Trust as Adviser
(Bloomberg) — The ex-risk and compliance chief at Credit Suisse, who stepped down following the twin blow-ups in 2021 that accelerated the bank’s demise, has joined Starling Trust as a regulatory adviser.
Lara Warner is joining the risk advisory firm to “help leaders navigate some of the most persistent qualitative challenges in risk governance and supervision,” Starling Chief Executive Officer Stephen J. Scott said in a statement on Wednesday.
Warner was ousted from the Zurich-based bank along with other executives in April 2021 as it took a 4.4 billion Swiss francs ($5.1 billion) writedown tied to the implosion of Archegos Capital Management, an event which followed losses tied to the failure of Greensill Capital just weeks earlier. The bank never fully recovered investor or client confidence and was taken over by UBS Group AG in March 2023.
Warner said in a statement she was joining Starling as they are addressing “pervasive and unsolved risk challenges” in a novel way. She said that current approaches to organizational culture are outdated.
Credit Suisse was frequently criticized for having a deficient risk culture, failing to anticipate risks or counter them effectively.
–With assistance from Laura Noonan.
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