The crisis-plagued Credit Suisse is changing its CEO after another loss of billions.

Thomas Gottstein will be succeeded by Ulrich Körner on August 1, as the major Swiss bank announced on Wednesday.

At the same time, Credit Suisse announced the third quarterly loss in a row.

The slump in earnings in parts of the operating business and higher provisions for legal disputes resulted in a net loss of CHF 1.6 billion from April to June 2022.

According to a survey conducted by the institute itself, analysts had expected an average loss of CHF 206 million.

A year ago, a profit of CHF 253 million had been posted.

Credit Suisse is now launching a new savings program.

This should bring costs down to below CHF 15.5 billion in the medium term.

For the current year, the money house recently assumed around 17 billion francs.

The securities trading business is to be further reduced.

Gottstein had been criticized for a long time.

In May, the major shareholder Artisan Partners called on the Chairman of the Board of Directors, Axel Lehmann, to look for a successor for Gottstein.

Godhood was hastily launched in February 2020 after its predecessor stumbled upon a shadowing scandal.

After a good start in 2020, the bank made headlines in 2021 with a string of failures.

The emergency closure of the Greensill fund was followed by a CHF 5 billion loss with the Archegos hedge fund.

But even in the current year the bank did not get off the ground.

In June, the money house warned that another loss could occur in the second quarter - the third in a row.

Körner joined Credit Suisse in 2021 to get Asset Management, which offers funds and helps professional clients such as pension funds on investment issues, back on track after the Greensill debacle.

From 2009 to 2020, Körner worked, among other things, as head of asset management and as chief operating officer for arch-rival UBS.

Körner, who has German and Swiss citizenship, is considered a former McKinsey consultant as a restructuring expert.

But even acquaintances doubt whether the 1962-born can spread a spirit of optimism in the bank.

According to insiders, Gottstein failed not only because of the bad figures and the collapse in the share price, but also because of the lack of support among key employees.