The Swiss bank is reportedly tapping several risk managers who had been pushed aside during the tenure of previous risk boss Lara Warner.

Zurich-based Credit Suisse's second line of defense seems still in flux four months after the departure of risk chief Lara Warner: her temporary replacement (as well as her predecessor) Joachim Oechslin is subbing in Ben Wilkinson to manage investment banking risk, according to the «Financial Times» (behind paywall) on Friday. 

Wilkinson, currently in the same role at the international private bank of Credit Suisse, had apparently been moved aside by Warner in what some outlets have referred to as a juniorization of the overall risk management function. He is to replace Ralf Hafner at the investment bank, the «FT» reported.

Notable Changes

Oechslin's tenure overseeing Credit Suisse's risk management will end when Goldman Sachs hire David Wildermuth joins by next February at the latest. Nevertheless, he is making other notable changes as well, according to the pink paper.

He is hiring back Valeriu Bajenaru, formerly head of enterprise strategic risk until leaving for Santander in May. Bajenaru is returning «on a more lucrative contract,» the «FT» reported.

Oechslin is also naming Tom Wootton as risk chief in the U.K. – a role that Hafner had held until now. Wootton is a risk veteran who is Credit Suisse's head of liquidity risk management.

Excoriating Review

The report comes one day after Credit Suisse released an excoriating litany of its failings with Archegos, in an 172-page review of its business prepared by Paul, Weiss, Rifkind, Wharton & Garrison. Warner stepped down in April, after more than $5 billion in losses from dealing with the family office-hedge fund emerged.

The law firm found Credit Suisse failed to effectively manage and escalate risks in the prime services business by both the first and second lines of defense. Notwithstanding its own errors, the Swiss lender appears poised to sue Archegos over what Paul, Weiss said was probably a situation of «Archegos deceived CS and obfuscated the true extent of its positions.»